Telefonica holds Latin American IPO

Telefonia suspended preparations for an initial public offering of its Latin American business after a stake sale in its German unit and a bond issue relieved funding needs. Recent improving investor sentiment towards Spain has also influenced the decission and since it says it's not under pressure to move ahead with the spin-off at the moment. The plan will not be initiated unless it sees strong investor interest, or it comes under increased pressure from credit ratings firms. Telefonica's full year results are expected on February 28.