Corporates with emerging market operations prove attractive to bond investors

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Tommy Leung, UBS: Pernod Ricard offers good long-term value

On May 11, Spanish telecommunications company Telefónica made a €5.7 billion bid for Portugal Telecom’s stake in Vivo, a Brazilian wireless carrier. Rebuffed, Telefónica raised its bid to $6.5 billion in June, but the Portuguese firm held out. In a note to shareholders, it stressed that the offer “does not reflect the strategic value” of Vivo, given the “strong potential” of the Brazilian market.

Telefónica’s bid – and Portugal Telecom’s reluctance to sell – highlights the importance of emerging

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