The Mexican unit of Spanish mobile phone operator Telefónica Móviles has placed 5 billion pesos ($463 million) in mediumterm notes on the Mexican market. Telefónica Móviles Mexico, which operates the Movistar brand, offered 3.5 billion pesos in five-year notes with a 9.64 per cent coupon, and 1.5 billion pesos in seven-year notes with a 9.25 per cent coupon. The issue has been surrounded by controversy over the last month after the telecommunications and transport ministry, SCT, modified a bill issued by telecom regulator Cofetel that approved the free use of those frequency bands. SCT has said that the bands should be used on a concession basis only.
