It is no secret that Boeing Co. (NYSE: BA) has seen its shares of problems in the wake of the two 737 MAX air crashes and the subsequent grounding of all 737 MAX planes in the United States and internationally. While this situation resulted in two deadly crashes, the 15% pullback in Boeing’s shares from its all-time high seems muted when considering that Boeing’s stock was last seen up 17% so far in 2019 despite the bad news.

There is a solid indication that the headlines of today and in recent weeks are worse than the long-term views are likely to be. Boeing filed on Tuesday morning for sale of multiple maturity dates from 2022 through 2049, specifically in 2022, 2026, 2029, 2034 and 2049. The debt offering is believed to be as much as $3.5 billion.

While formal pricing has not yet been seen, the implied spread on the 10-year 3.20% notes due in 2029 would be close to 70 basis points above the comparable 10-year Treasury note.

A note from Dow Jones News also suggested that a 15-year note’s original spread of 135 basis points over the equivalent Treasury had narrowed by more than 20 basis points as strong demand was seen.

Investors often have very differing views. Equity investors may invest in Boeing over the short term, thinking the stock has sold off and is a bargain on temporary bad news. Other investors with a long-term view are looking way out in the future if they are buying notes and bonds that mature in five, 15 and even 30 years out.

Shares of Boeing’s common stock were last seen trading down 0.5% at $377.13, in a 52-week range of $292.47 to $446.01. The common shares have a consensus analyst target of $425.33 according to Refinitiv, and the common shares also come with a dividend yield of 2.2%.

Investors considering a 10-year note with a 3.20% coupon are looking at a higher yield than the current dividend, but that yield is fixed and most investors would expect that the common stock would appreciate between now and 10 years out.

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