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Negative-yield debt breaks $10 trillion level for first time
By Eric Platt and Mamta Badkar
Financial Times, London
Friday, June 3, 2016
Negative-yielding government debt has risen above $10 trillion for the first time, enveloping an increasingly large part of the financial markets after being fueled by central bank stimulus and a voracious investor appetite for sovereign paper.
The amount of sovereign debt trading with a sub-zero yield climbed 5 percent in May from a month earlier to $10.4 trillion, buoyed by rising bond prices in Italy, Japan, Germany, and France, according to rating agency Fitch. Yields fall as the price of the underlying bonds climbs.
The ascent of the negative yield, which first affected only the shortest maturing notes from highly rated sovereigns, has encompassed seven-year German Bunds and 10-year Japanese government bonds as both the European Central Bank and Bank of Japan have cut benchmark interest rates and launched bond-buying programmes.
On Wednesday the ECB left its main deposit rate for bank reserves unchanged at minus 0.4 percent. ...
... For the remainder of the report:
http://www.ft.com/intl/cms/s/0/37eb6964-2908-11e6-8ba3-cdd781d02d89.html
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