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Appendix III: Debentures and Bonds (Tables) | 12 Months Ended
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Dec. 31, 2024
Appendix III: Debentures and Bonds [Abstract] |
Schedule of Maturity of Debentures and Bonds | The breakdown of financial liabilities at December 31, 2024 and the corresponding maturities schedule is as follows:
Millions of euros
| Current | Non-current |  |
Maturity | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Non-current total | Total
Debentures and bonds | 3,559 |  | 2,046 |  | 4,019 |  | 2,006 |  | 2,422 |  | 17,203 |  | 27,696 |  | 31,255 |
Promissory notes & commercial paper | 1,276 |  | 12 |  | 3 |  | 19 |  | 10 |  | 129 |  | 173 |  | 1,449 |
Total Issues | 4,835 |  | 2,058 |  | 4,022 |  | 2,025 |  | 2,432 |  | 17,332 |  | 27,869 |  | 32,704 |
Loans and other payables | 556 |  | 389 |  | 643 |  | 277 |  | 565 |  | 1,584 |  | 3,458 |  | 4,014 |
Derivative instruments (Note 19) | 199 |  | 160 |  | 562 |  | 376 |  | 283 |  | 484 |  | 1,865 |  | 2,064 |
Total | 5,590 |  | 2,607 |  | 5,227 |  | 2,678 |  | 3,280 |  | 19,400 |  | 33,192 |  | 38,782 |
The detail and key features of outstanding debentures and bonds at December 31, 2024 are as follows (in millions of euros):
|  |  | Maturity (nominal)
Debentures and bonds | Currency | % Interest rate | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Total
T. EUROPE BV SEP_00 BOND GLOBAL D | USD | 8.250 | % | — |  | — |  | — |  | — |  | — |  | 1,203 |  | 1,203 |
TEBV FEB_03 EMTN FIXED TRANCHE B | EUR | 5.875 | % | — |  | — |  | — |  | — |  | — |  | 500 |  | 500 |
Telefónica Europe, B.V. |  |  | — |  | — |  | — |  | — |  | — |  | 1,703 |  | 1,703 |
TELEF. EMISIONES JANUARY 2017 | EUR | 1.528 | % | 1,127 |  | — |  | — |  | — |  | — |  | — |  | 1,127 |
TELEF. EMISIONES SEPTEMBER 2018 | EUR | 1.495 | % | 892 |  | — |  | — |  | — |  | — |  | — |  | 892 |
EMTN 02 GBP | GBP | 5.375 | % | — |  | 603 |  | — |  | — |  | — |  | — |  | 603 |
TELEF. EMISIONES APRIL 2016 | EUR | 1.460 | % | — |  | 1,279 |  | — |  | — |  | — |  | — |  | 1,279 |
TELEF. EMISIONES JANUARY 2018 | EUR | 1.447 | % | — |  | — |  | 1,000 |  | — |  | — |  | — |  | 1,000 |
TELEF. EMISIONES MARCH 2017 | USD | 4.103 | % | — |  | — |  | 1,202 |  | — |  | — |  | — |  | 1,202 |
TELEF. EMISIONES MAY 2020 | EUR | 1.201 | % | — |  | — |  | 1,250 |  | — |  | — |  | — |  | 1,250 |
TELEF. EMISIONES JANUARY 2017 | EUR | 2.318 | % | — |  | — |  | — |  | 500 |  | — |  | — |  | 500 |
TELEF. EMISIONES SEPTEMBER 2017 | EUR | 1.715 | % | — |  | — |  | — |  | 1,250 |  | — |  | — |  | 1,250 |
TELEF. EMISIONES MARCH 2017 | EUR | 2.318 | % | — |  | — |  | — |  | 200 |  | — |  | — |  | 200 |
TELEF. EMISIONES MARCH 2019 | EUR | 1.788 | % | — |  | — |  | — |  | — |  | 1,000 |  | — |  | 1,000 |
EMTN GBP 10/08/2029 400 GBP | GBP | 5.445 | % | — |  | — |  | — |  | — |  | 482 |  | — |  | 482 |
TELEF. EMISIONES OCTOBER 2014 | EUR | 2.932 | % | — |  | — |  | — |  | — |  | 800 |  | — |  | 800 |
|  |  | Maturity (nominal)
Debentures and bonds | Currency | % Interest rate | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Total
TELEF. EMISIONES FEBRUARY 2020 | EUR | 0.664 | % | — |  | — |  | — |  | — |  | — |  | 1,000 |  | 1,000 |
TELEF. EMISIONES MAY 2022 (2) | EUR | 2.592 | % | — |  | — |  | — |  | — |  | — |  | 1,000 |  | 1,000 |
TELEF. EMISIONES OCTOBER 2016 | EUR | 1.930 | % | — |  | — |  | — |  | — |  | — |  | 750 |  | 750 |
TELEF. EMISIONES MAY 2020 | EUR | 1.807 | % | — |  | — |  | — |  | — |  | — |  | 750 |  | 750 |
TELEF. EMISIONES JUNE 06 TRANCHE D | USD | 7.045 | % | — |  | — |  | — |  | — |  | — |  | 1,924 |  | 1,924 |
TELEF. EMISIONES APRIL 2017 | USD | 4.900 | % | — |  | — |  | — |  | — |  | — |  | 192 |  | 192 |
TELEF. EMISIONES MARCH 2018 | USD | 4.665 | % | — |  | — |  | — |  | — |  | — |  | 481 |  | 481 |
TELEF. EMISIONES JULY 2019 | EUR | 1.957 | % | — |  | — |  | — |  | — |  | — |  | 500 |  | 500 |
TELEF. EMISIONES JULY 2020 | EUR | 1.864 | % | — |  | — |  | — |  | — |  | — |  | 500 |  | 500 |
TELEF. EMISIONES APRIL 2022 | EUR | 1.864 | % | — |  | — |  | — |  | — |  | — |  | 100 |  | 100 |
TELEF. EMISIONES MARCH 2017 | USD | 5.213 | % | — |  | — |  | — |  | — |  | — |  | 1,924 |  | 1,924 |
TELEF. EMISIONES APRIL 2017 | USD | 5.213 | % | — |  | — |  | — |  | — |  | — |  | 481 |  | 481 |
TELEF. EMISIONES MARCH 2018 | USD | 4.895 | % | — |  | — |  | — |  | — |  | — |  | 1,203 |  | 1,203 |
TELEF. EMISIONES MARCH 2019 | USD | 5.520 | % | — |  | — |  | — |  | — |  | — |  | 1,203 |  | 1,203 |
TELEF. EMISIONES DECEMBER 2016 | EUR | 4.000 | % | — |  | — |  | — |  | — |  | — |  | 150 |  | 150 |
TELEF. EMISIONES NOVEMBER 2023 (1) | EUR | 4.183 | % | — |  | — |  | — |  | — |  | — |  | 850 |  | 850 |
TELEF. EMISIONES JANUARY 2024 (2) | EUR | 3.698 | % | — |  | — |  | — |  | — |  | — |  | 1,000 |  | 1,000 |
TELEF. EMISIONES JANUARY 2024 (2) | EUR | 4.055 | % | — |  | — |  | — |  | — |  | — |  | 750 |  | 750 |
Telefónica Emisiones, S.A.U. |  |  | 2,019 |  | 1,882 |  | 3,452 |  | 1,950 |  | 2,282 |  | 14,758 |  | 26,343 |
|  |  | Maturity |
Debentures and bonds | Currency | % Interest rate | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Total
Bond O | CLP | 3.500 | % | 68 |  | — |  | — |  | — |  | — |  | — |  | 68 |
Bond Q | CLP | 3.600 | % | — |  | 87 |  | — |  | — |  | — |  | — |  | 87 |
Bond 144 A | USD | 3.537 | % | — |  | — |  | — |  | — |  | — |  | 396 |  | 396 |
Bond Serie T | UFC | 4.200 | % | — |  | — |  | — |  | 105 |  | — |  | — |  | 105 |
Bond Serie X | UFC | 3.950 | % | — |  | — |  | — |  | — |  | 37 |  | — |  | 37 |
Telefónica Móviles Chile, S.A. |  |  | 68 |  | 87 |  | — |  | 105 |  | 37 |  | 396 |  | 693 |
Bond T. Peru 4th Program (19th Serie A) | N. SOL | VAC + 3.6250% | — |  | — |  | 28 |  | — |  | — |  | — |  | 28 |
Bond T. Peru 4th Program (19th Serie B) | N. SOL | VAC + 2.8750% | — |  | — |  | — |  | 22 |  | — |  | — |  | 22 |
Bond T. Peru 4th Program (37th Serie A) | N. SOL | VAC + 3.1250% | — |  | — |  | — |  | 21 |  | — |  | — |  | 21 |
Bond T. Peru 4th Program (19th Serie C) | N. SOL | VAC + 3.1875% | — |  | — |  | — |  | 9 |  | — |  | — |  | 9 |
Bond T. Peru 6th Program (17th Serie A) | N. SOL | VAC + 3.0938% | — |  | — |  | — |  | — |  | — |  | 20 |  | 20 |
Bond T. Peru 6th Program (16th Serie A) | N. SOL | 5.500 | % | 27 |  | — |  | — |  | — |  | — |  | — |  | 27 |
Bond T. Peru 1st Private Program (1st Serie A) | N. SOL | 7.281 | % | — |  | 20 |  | — |  | — |  | — |  | — |  | 20 |
Bond T. Peru 1st Program International Issue (1sr Serie A) | N. SOL | 7.375 | % | 145 |  | 145 |  | 145 |  | — |  | — |  | — |  | 435 |
Telefónica del Perú, S.A. |  |  | 172 |  | 165 |  | 173 |  | 52 |  | — |  | 20 |  | 582 |
Debentures (2) | BRL | CDI + 1.12% | 233 |  | — |  | — |  | — |  | — |  | — |  | 233 |
Debentures (2) | BRL | CDI + 1.35% | — |  | — |  | 311 |  | — |  | — |  | — |  | 311 |
Telefônica Brasil, S.A. |  |  | 233 |  | — |  | 311 |  | — |  | — |  | — |  | 544 |
BOND R144-A | USD | 4.950 | % | — |  | — |  | — |  | — |  | — |  | 481 |  | 481 |
Bond C10 | COP | IPC + 3.39% | — |  | — |  | — |  | — |  | 33 |  | — |  | 33 |
Colombia Telecomunicaciones, S.A, ESP |  |  | — |  | — |  | — |  | — |  | 33 |  | 481 |  | 514 |
Bond | EUR | 1.750 | % | 600 |  | — |  | — |  | — |  | — |  | — |  | 600 |
O2 Telefónica Deutschland Finanzierungs, GmbH |  |  | 600 |  | — |  | — |  | — |  | — |  | — |  | 600 |
Total Outstanding Debentures and Bonds |  |  | 3,092 |  | 2,134 |  | 3,936 |  | 2,107 |  | 2,352 |  | 17,358 |  | 30,979 |
(1) Debentures and green bonds (See Note 29.d) (2) Debentures and sustainable bonds (See Note 29.d)
Schedule of Detailed Information about Debt | Interest-bearing debt arranged or repaid in 2024 mainly includes the following:
Description | Limit 12/31/2024(*) (million euros) | Currency | Outstanding balance 12/31/2024 (million euros) | Arrangement date | Maturity date | Drawndown 2024 (million euros) | Repayment 2024 (million euros)
Telefónica, S.A. |  |  |  |  |  |  |
Sustainability syndicated (1) | 5,500 |  | EUR | — |  | 03/15/2018 | 01/13/2029 | — |  | — |
Bilateral loan | — |  | EUR | 150 |  | 03/27/2024 | 07/31/2034 | 150 |  | — |
Bilateral loan | — |  | EUR | 140 |  | 10/09/2024 | 10/31/2031 | 140 |  | — |
Bilateral loan | — |  | EUR | 100 |  | 11/21/2024 | 12/16/2031 | 100 |  | — |
Bluevia Fibra S.L.U. |  |  |  |  |  |  |
Syndicated (2) | 360 |  | EUR | 325 |  | 11/16/2022 | 12/20/2029 | 75 |  | — |
Telxius Telecom, S.A. |  |  |  |  |  |  |
Syndicated (3) | 145 |  | EUR | 100 |  | 12/01/2023 | 12/04/2029 | — |  | — |
(1) The second one-year extension option for the Telefónica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029. (2) The second one-year extension option of the Bluevía Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029. (3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030. (*) Undrawn limit. The main debentures and bonds issued by the Group in 2024 are as follows:
|  |  | Nominal (millions) |
Item | Date | Maturity Date | Currency | Euros | Currency of issuance | Coupon
Telefónica Emisiones, S.A.U. |  |  |  |  |  |
EMTN bond (1) | 01/24/2024 | 01/24/2032 | 1,000 |  | 1,000 |  | EUR | 3.698 | %
EMTN bond (1) | 01/24/2024 | 01/24/2036 | 750 |  | 750 |  | EUR | 4.055 | %
(1) Sustainable bonds (See Note 29. d) The main financing transactions at December 31, 2024 and 2023 and their nominal amounts are as follows:
|  |  | Outstanding principal balance |  |
|  |  | (millions of euros) |  |
Descriptive name summary | Current limit (millions) | Currency | 12/31/2024 | 12/31/2023 | Arrangement date | Maturity date
Telefónica, S.A |  |  |  |  |  |
Structured Financing (*) | 62 |  | USD | 59 |  | 136 |  | 12/11/2015 | 03/11/2026
Structured Financing (*) | 42 |  | EUR | 42 |  | 101 |  | 12/11/2015 | 03/11/2026
Sustainable syndicated (1) | 5,500 |  | EUR | — |  | — |  | 03/15/2018 | 01/13/2029
Bilateral loan | — |  | EUR | 150 |  | 150 |  | 09/26/2022 | 12/15/2032
Bilateral loan | — |  | EUR | 125 |  | 125 |  | 12/23/2022 | 06/15/2033
Bilateral loan | — |  | EUR | 150 |  | 150 |  | 02/14/2023 | 09/29/2033
Bilateral loan | — |  | EUR | 150 |  | — |  | 03/27/2024 | 07/31/2034
Bilateral loan | — |  | EUR | 140 |  | — |  | 10/09/2024 | 10/31/2031
Bilateral loan | — |  | EUR | 100 |  | — |  | 11/21/2024 | 12/16/2031
Telefónica Germany GmbH & Co. OHG |  |  |  |  |  |
EIB Financing | — |  | EUR | 33 |  | 108 |  | 06/13/2016 | 06/13/2025
Sustainable syndicated | 750 |  | EUR | — |  | — |  | 12/17/2019 | 12/17/2026
EIB Financing (Tranche 1) | — |  | EUR | 250 |  | 300 |  | 12/18/2019 | 06/18/2029
EIB Financing (Tranche 2) | — |  | EUR | 125 |  | 150 |  | 01/14/2020 | 07/14/2029
Colombia Telecomunicaciones, S.A. E.S.P. |  |  |  |  |  |
Bilateral loan | — |  | COP | 109 |  | 118 |  | 07/06/2021 | 03/19/2025
Bluevia Fibra S.L.U. |  |  |  |  |  |
Syndicated (2) | 360 |  | EUR | 325 |  | 250 |  | 11/16/2022 | 12/20/2029
Telxius Telecom, S.A. |  |  |  |  |  |
Syndicated (3) | 145 |  | EUR | 100 |  | 100 |  | 12/01/2023 | 12/04/2029
Telefónica Móviles Chile, S.A. |  |  |  |  |  |
Bilateral loan | — |  | USD | 125 |  | 116 |  | 08/22/2023 | 08/22/2026
(1) The second one-year extension option for the Telefónica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029. (2) The second one-year extension option of the Bluevía Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029. (3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.

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