Renta fija de Telefonica

no sé si os aclara algo:
http://financial-dictionary.thefreedictionary.com/Non-Call+Period

Igual lo he leído mal (que lo he hecho por encima) pero el HR de CNMV solo habla de unas de call a 5 años y otras de call a 8 años, no?

Difícil no, imposible.

Son dos emisiones, una con call en el quinto año y otra con call en el octavo
A partir del sexto y del noveno año, respectivamente, el tipo es variable, con un diferencial muy alto, la verdad, swap a 5 y 8 años+ 5%

Issuer : TELEFÓNICA EUROPE BV
Guarantor : TELEFÓNICA SA
Ranking : Unsecured subordinated, senior only to Ordinary Shares
of the Issuer
Issuer Rating : Baa2 (Negative), BBB (Negative), BBB+ (Negative)
Instrument Rating : Ba1 / BB+ / BBB- (M/S/F, expected)
Rating Agency : 50% / 50% / 50% (M/S/F, expected)
Tranche : EUR Perp NC5 EUR Perp NC8
Maturity : Undated Undated
Size : Benchmark Benchmark
First Call Date: : [ ] Sep 2018 [ ] Sep 2021
1st Step (25bps) Date : [ ] Sep 2023 [ ] Sep 2023
2nd Step (75bps) Date : [ ] Sep 2038 [ ] Sep 2041
IPTs : 6.75% area 7.875% area
Interest Rate : Fixed Rate, annual until First Call Date, Reset fixed
rate equivalent to relevant 5/8-yr swap rate + initial
spread to m/s + step-up (when applicable, see above)
Call schedule : Par call at First Call Date & annually thereafter
Optional Deferral : Optional, cash cumulative (compounding) interest
deferral (junior and parity pusher on deferred
interest)
Special Event Call : Tax / Capital / Accounting (at 101% until First Call
Date, par thereafter); Withholding Tax / Substantial
Purchase (80%) (par)
Replacement Provision : Intent-based language (non-binding)
Listing : London Stock Exchange
Governing Law : English law, save for subordination of the Securities
under Dutch law and subordination of the Guarantee
under Spanish law
Denominations : €100k+€100K
Format : Reg S
Structuring Advisor : Morgan Stanley
Joint Bookrunners : BBVA, BNP Paribas, CITIGROUP, HSBC,
Morgan Stanley (B&D), SGCIB, UBS Investment Bank,
UniCredit