Morgan Stanley | Spectrum auctions are a key issue for investors in the telecommunications industry, which can act as a negative catalyst for their share price given the high prices we have seen in previous auctions in Italy, Germany and the US. In Spain, there are 3 auctions on the radar. The first is the 3.5GHz – 20MHz band available. This is taking place today, involving Telefónica and Orange, at an estimated price of €21 million per 10MHz block.