Telstra has raised more than $1 billion worth of euro-denominated bonds, ahead of the government’s upcoming auction of mobile spectrum space.

Telstra spokesman Scott Whiffin said the one billion euro ($1.3 billion) issue of 10-year euro-denominated bonds was part of the company’s annual borrowing program.

‘‘The proceeds will be used for general corporate purposes, which include a range of different business needs and may include funding spectrum,’’ Mr Whiffin said today. ‘‘We may predominantly finance spectrum through debt in the first instance.’’

The federal government was hoping to raise about $3 billion from the spectrum auction, due to be held in April.

The auction comes partly from the reallocation of spectrum used for the analogue television signal that is due to be switched off after December 31, 2013.