After a flurry of deals with 100-year tenors in the 1990s following their introduction, the century bond, it seems, is back. At the end of August, US railroad Norfolk Southern reopened its 100-year 2105 bond, raising $250 million, and in the middle of September Rabobank debuted with $350 million of 100-year bonds.
With just weeks between the two issues, rumours that more borrowers might look to go beyond the traditional 30-year maturity have been spurred.
The century bond was first introduced in the 1990s, when there were more than 60 US issues.
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