A rush of new corporate bonds are to hit the market this week culminating with a $4bn (€3.18bn) four-tranche deal from Spanish telecoms giant Telefónica. The deal will part-refinance its $33.4bn acquisition of UK mobile phone company O2.

The new issue from the Spanish telecoms giant will be the second largest corporate bond from a European company this year, trumped only by Telefónica's €5.5bn ($7bn) multi-tranche bond in January.