30-year bonds erupt (TT Mar03 p39-40)

Something quite remarkable happened in the fixed rate euro corporate bond market in January.Within the space of a few days, three separate BBB-rated companies all launched 30- year bonds. They were responding to investor demand: these issues were not pushed into a reluctant market. They put the vivid colour of low investment grade credit into part of the corporate maturity spectrum that had until then been an empty black. It has been a long time coming, but the long end has finally arrived.