Fleursdumal
फूल की बुराई
incroyable la telecom nostrana ha emesso corporate bonds a 50 anni e se lo sono pure comprati per intero 
scadenza 2055 
campa cavallo 
UPDATE 2-T.Italia raises 850 mln euros with first 50-yr bond
(Rewrites to reflect pricing, adds investor, trader quotes, background, changes dateline)
By Gabriella Bruschi and Richard Barley
MILAN/LONDON, March 8 (Reuters) - Telecom Italia <TLIT.MI> on Tuesday raised 850 million euros ($1.12 billion) as it sold the first 50-year corporate bond denominated in euros into a market hungry for higher-yielding assets.
A combination of cheap money and strong investor demand for longer-dated assets is allowing European governments and companies to raise cash over ever-longer maturities.
The Telecom Italia sale follows a 6 billion euro 50-year bond sold by the French government in February that attracted huge demand.
The sale by the Italian fixed-line and mobile phone operator also shows the extent of the recovery in credit quality in the telecom sector.
Over the past three years Europe's phone companies have been cutting debt incurred for acquisitions and mobile phone licenses. The spending had stretched their balance sheets to bursting point, and pushed credit ratings to the brink of the "junk" category.
Telecom Italia's new bond pays a coupon of 5.25 percent and was priced to yield 106.4 basis points more than the France 50-year bond, or 98 basis points over swaps, lead manager Deutsche Bank said, in line with expectations ahead of the sale.
However, traders and investors have questioned how easy it is to evaluate the risk and return on a 50-year corporate bond.
"It's difficult to value," said Nigel Sillis, credit analyst at Baring Asset Management. "I can't see a natural buyer for that sort of spread duration."
Investors welcomed the 50-year French government bond as it provided exposure to interest-rate risk that matched the risks of the long-dated liabilities they held, Sillis said.
FAR INTO FUTURE
Ageing populations mean that insurance companies and pension funds face payments stretching further into the future than ever before.
"But when you add spread on top of interest-rate exposure, you have a chunk (of your return) that doesn't move in relation to your liabilities," Sillis said.
Those who do buy the bond will be looking at a shorter time horizon in any case, he said. "The sticker says it's a 50-year bond, but you're not going to buy it with the intention of holding it to maturity," Sillis said.
"You're more interested in what's going to happen to the company in the next 12 to 18 months, and you're trying to assess the relative value of spread duration over that kind of horizon," he said.
The sale could lead to further issuance, with a particular focus on the utility sector, a trader at a bank not connected with the lead managers said.
"Everyone's pricing up the same names. It makes sense for the companies; Telecom Italia is getting 50-year money at 5.25 percent. It's cheap money," he said.
Telecom Italia has already set the pace for innovation in the corporate bond market, being the first company to sell a 30-year euro-denominated bond as well. That bond, sold in January 2003, was priced at launch to yield 300 basis points over swaps.
The spread on Tuesday's bond shows the improvement in the credit market's perception of the telecoms sector.
By 1230 GMT, the bond was trading little changed in the secondary market, the trader said.
"I think it's going to do fine. I think they had a couple of decent lead orders, and I think it's been well placed," he said.
Telecom Italia is rated Baa2 by Moody's Investors Service, BBB+ by Standard & Poor's and A- by Fitch Ratings.
scadenza 2055 campa cavallo UPDATE 2-T.Italia raises 850 mln euros with first 50-yr bond
(Rewrites to reflect pricing, adds investor, trader quotes, background, changes dateline)
By Gabriella Bruschi and Richard Barley
MILAN/LONDON, March 8 (Reuters) - Telecom Italia <TLIT.MI> on Tuesday raised 850 million euros ($1.12 billion) as it sold the first 50-year corporate bond denominated in euros into a market hungry for higher-yielding assets.
A combination of cheap money and strong investor demand for longer-dated assets is allowing European governments and companies to raise cash over ever-longer maturities.
The Telecom Italia sale follows a 6 billion euro 50-year bond sold by the French government in February that attracted huge demand.
The sale by the Italian fixed-line and mobile phone operator also shows the extent of the recovery in credit quality in the telecom sector.
Over the past three years Europe's phone companies have been cutting debt incurred for acquisitions and mobile phone licenses. The spending had stretched their balance sheets to bursting point, and pushed credit ratings to the brink of the "junk" category.
Telecom Italia's new bond pays a coupon of 5.25 percent and was priced to yield 106.4 basis points more than the France 50-year bond, or 98 basis points over swaps, lead manager Deutsche Bank said, in line with expectations ahead of the sale.
However, traders and investors have questioned how easy it is to evaluate the risk and return on a 50-year corporate bond.
"It's difficult to value," said Nigel Sillis, credit analyst at Baring Asset Management. "I can't see a natural buyer for that sort of spread duration."
Investors welcomed the 50-year French government bond as it provided exposure to interest-rate risk that matched the risks of the long-dated liabilities they held, Sillis said.
FAR INTO FUTURE
Ageing populations mean that insurance companies and pension funds face payments stretching further into the future than ever before.
"But when you add spread on top of interest-rate exposure, you have a chunk (of your return) that doesn't move in relation to your liabilities," Sillis said.
Those who do buy the bond will be looking at a shorter time horizon in any case, he said. "The sticker says it's a 50-year bond, but you're not going to buy it with the intention of holding it to maturity," Sillis said.
"You're more interested in what's going to happen to the company in the next 12 to 18 months, and you're trying to assess the relative value of spread duration over that kind of horizon," he said.
The sale could lead to further issuance, with a particular focus on the utility sector, a trader at a bank not connected with the lead managers said.
"Everyone's pricing up the same names. It makes sense for the companies; Telecom Italia is getting 50-year money at 5.25 percent. It's cheap money," he said.
Telecom Italia has already set the pace for innovation in the corporate bond market, being the first company to sell a 30-year euro-denominated bond as well. That bond, sold in January 2003, was priced at launch to yield 300 basis points over swaps.
The spread on Tuesday's bond shows the improvement in the credit market's perception of the telecoms sector.
By 1230 GMT, the bond was trading little changed in the secondary market, the trader said.
"I think it's going to do fine. I think they had a couple of decent lead orders, and I think it's been well placed," he said.
Telecom Italia is rated Baa2 by Moody's Investors Service, BBB+ by Standard & Poor's and A- by Fitch Ratings.
- che dici di st'aperturina US?
?
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