Telecom Italia single-handedly established a new frontier in the European corporate debt market in March with the issuance of a €850 million 50-year bond. Encouraged by investor demand and the success of France's €6 billion 50-year sovereign deal in February, the Baa2/BBB+ rated Italian corporate took the opportunity to secure long-term funding at just 5.25%. Investors, it seems, were willing to take on more duration risk in exchange for additional yield.
But investor appetite was quickly tes
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