The value of the world’s stock of negative-yielding debt has ballooned to more than $16.5tn, the highest in six months, as a relentless global bond rally drags borrowing costs below zero.
Government bond yields have tumbled in recent weeks as some traders have piled in, a move that has blindsided many investors who expected an economic rebound from the pandemic along with rising inflation to lift long-term borrowing costs.
While some of the biggest moves have come in the US Treasury market as traders unwind their bearish bets, bonds in Japan and the eurozone — the two main bastions of negative-yielding debt — have also benefited.
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