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RESEARCH REPORT ON TELEFONICA DE ESPANA

 RESEARCH REPORT ON TELEFONICA DE ESPANA
 MADRID, Spain, July 16 /PRNewswire/ -- A new research report


covering Telefonica de Espana (NYSE: TEF), the Spfrom Link Securities AVB in Madrid, which made the announcement today.
 The report was prepared by the Axel Group, one of Spain's leading independent research and financial analysis firms.
 Link Securities provides brokerage services on the Madrid Stock Exchange primarily for institutional clients in Spain and the United States. It holds exclusive rights to U.S. distribution of all Axel Group research reports.
 For further information, inquiries should be directed to: Link Securities AVB, Paseo de la Castellana 130, 28046 Madrid, Spain.
 -0- 7/16/92
 /CONTACT: Manuel Enrich in Spain, 011-34-1-411-6912, or Frank Della Corte in New York, 212-599-2369, both for Link Securities/
 (TEF) CO: Telefonica de Espana; Link Securities AVB ST: IN: TLS SU:


GK -- NY059 -- 9711 07/16/92 11:59 EDT
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 16, 1992
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