Corporates with emerging market operations prove attractive to bond investors

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here