Equity investors and analysts in Brazil are currently feeling seduced by subsidiaries of Telefonica, although the overall market isn?t exactly on a bull run. Telesp fixed-line in particular (TLPP4) is one of the few Latin American telcos that has made gains in the year to date ? 12.9% to be precise. The São Paulo Stock Exchange Index (Ibovespa) has lost 10.64% since January, and Itel, the telecoms index, is down 18.19%. Telesp has hedged all its foreign debt against exchange-rate risk and is seen as a safe investment.