ESM's less than nothing: the new normal?

摘要

The first benchmark euro new issue with a negative yield at reoffer from an agency or supranational borrower arrived last week -just one day into the ECB's public sector purchase programme - when the european stability mechanism Sold €3bn of paper maturing in October 2017 at-0.07%. "Paying" a zero coupon and priced at 100.181, the bonds would be far from a steal in a normal world, although historical perspectives have all but disappeared in the current environment. Total demand topped €9bn.