BFR Bbva Banco Frances S.A.

   By Ben Edwards 
 

Spanish telecommunications firm Telefonica SA (TEF) is planning a 750 million euro ($944.2 million), five-year bond, one of the banks running the deal said Wednesday.

Initial price thoughts are in the area of 510 basis points over midswaps.

Bank of America Merrill Lynch, Banca IMI, Barclays PLC, BBVA and Mediobanca are the lead managers of the sale.

The issuer is rated Baa2 by Moody's Investors Service Inc., BBB by Standard & Poor's Corp. and BBB+ by Fitch Ratings.

Write to Ben Edwards at ben.edwards@dowjones.com