Issuers exploit demand for 31st century bond

subordinated perpetuals


When Telecom Italia issued €850 million of 50-year bonds in March, it was conceivable, even likely, that the company would still be a going concern when the bonds mature. It was also not beyond the realms of possibility that some of the more sprightly investors who bought the bonds at issue would still be managing portfolios at the point of maturity.

But what of the €1.1 billion 1,000-year deal brought to market by government-owned Danish utility Danske Olie & Naturgas (Dong) in June?

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