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Telefonica Europe (84LB)

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Thursday 10 August, 2000

Telefonica Europe

Global Bond Offering

Telefonica Europe B.V.
10 August 2000


Rotterdam, August 9, 2000

Telefonica Europe B.V. announced today that, subject to market conditions it
expects to market in the week of September 4, 2000 a global bond offering of
approximately US$5 billion equivalent.  The offering will be divided into
tranches with maturities expected to range from 5 to 30 years, and will be
extended to investors outside of Spain in compliance with applicable laws.  The
Telefonica Group intends to use the proceeds of this global offering for general
corporate purposes.


This announcement is not an offer of the securities for sale in the United
States.  The securities have not been registered in the United States under the
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or an exemption from registration.  Any public
offering of the securities in the United States will be made by means of a
prospectus made available by the company, containing detailed information about
the company and management, as well as financial statements.


                                                                                
                                                                                
      

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