debentures interest payment

Telefonica SA
14 February 2005

Telefonica S.A., as provided in article 82 of the Spanish Securities Market Act
(Ley del Mercado de Valores), hereby in writing

                                   REPORTS

That publication in the Official Gazette of the Spanish Companies Registry
(Boletin Oficial del Registro Mercantil Espanol) of the announcements for the
interest payments of debentures envisaged in the Prospectus for the Debentures
Issue 'March 1998' (ISIN code ES0278430923), registered with the Spanish
National Securities Market Commission (Comision Nacional del Mercado de Valores)
on February 3rd, 1998, and in the Prospectus for the Debentures Issue 'February
2000' (ISIN code ES0278430964), registered with the Spanish National Securities
Market Commission (Comision Nacional del Mercado de Valores) on February 17th,
2000 shall not be possible. These announcements shall, however, be published in
a newspaper with national coverage in Spain.

Madrid, Febraury 14th,  2005



                      This information is provided by RNS
            The company news service from the London Stock Exchange