Debenture Redemption

Telefonica SA
13 March 2007



TELEFONICA, S.A., as provided in article 82 of the Spanish Stock Market Act
(Ley del Mercado de Valores), hereby announces the following:


On April 6th, 2007 and in compliance with the conditions stated in the
Prospectus for the Debentures Issue 'April 2000' (ISIN code number
ES0278430980), registered with the Spanish National Securities Market Commission
(Comision Nacional del Mercado de Valores) on March 28th, 2000, the 5,000
debentures of the issue will be totally redeemed through the repayment of the
100% of their nominal value of Euros 100,000 each.


Madrid, March 13th, 2007



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