Telecom Italia’s 50-year flop

focus: 50-year bonds

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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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