Telecom Italia’s 50-year flop
Emboldened by the success of France’s recent 50-year issue, Telecom Italia unveiled its own version in March. So why did it nosedive just days after launch? As part of a special focus on the long-dated market, Oliver Holtaway looks at the reasons why
Say what you like about Telecom Italia, but the telecoms giant sure has significant reserves of brio. No sooner had the French Treasury issued its €6 billion inaugural 50-year bond – to a rapturous reception – than Telecom Italia became the first corporate to plunge headfirst into the 50-year space with an €850 million issue.
Telecom Italia had already fearlessly led the euro-denominated market into the 30-year space back in 2003. That was a rocky ride at first, and this year’s adventures in the
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