Borrowing like no tomorrow


Olivetti last month surpassed expectations by becoming the first corporate to tap the 30-year maturity in euros. The Italian computer group’s milestone €400 million 7.75% transaction was quickly followed by similar duration deals: France Télécom’s €1 billion 8.125% and Deutsche Telekom’s €500m 7.5% quasi-private placement.

“It needed one corporate to break the ice,” says Michael Ridley, head of syndicate at JPMorgan. “The 30-year sector was stuck in a chicken and egg scenario – issuers did n

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