10.10 Bond investors are institutions who want long term fixed rate assets. There are not, therefore, the same maturity constraints as on a bank financing. On early PPP deals in the NHS, the term of bond financing has been 30 years whereas the maturity on bank debt is shorter and has tended to be around 20 to 23 years. A longer term helps affordability. However, as PPP matures, the bank market appears to be moving towards longer maturities.