Telefónica S.A

• CI Chenavari Investment Managers Back to School: The Case for Fewer, Larger Positions ↗ Amundi Chenavari Credit Fund raised risk, curtailed systematic hedges and reduced its issuer roster to concentrate capital in 15 to 20 core convictions. It trimmed Virgin Media O2 unsecured exposure in favour of senior secured debt, arguing that asset coverage supports the latter despite refinancing and deleveraging concerns. Year to date 2026 —

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