Telecom Italia yesterday launched Europe’s first ever 50-year corporate bond, taking advantage of insatiable demand for long-dated assets among institutional investors. The issue proved a huge success by raising EUR850 million and the bonds were eagerly taken up by pension funds and European insurance companies. “We were all blown away by the response” said a spokesperson for Deutsche Bank, which oversaw the sale. Assets with long maturities are becoming increasingly popular because of regulatory changes in several European Union countries. Telecom Italia will use the money to repay loans related to its purchase of Telecom Italia Mobile.