China has sold its first negative-yielding sovereign bond, a euro-denominated issuance that drew bumper demand from European debt investors starved for returns.
The offering, which drew in about €18bn worth of orders for €4bn of bonds, is the latest sign that investors are rushing to gain exposure to China as it recovers from the coronavirus pandemic more quickly than Europe or the US.
The offering from China’s finance ministry gave large institutional investors the opportunity to grab higher yields than those available in Europe, where central bank easing to cushion the economic blow of the pandemic has pushed interest rates to record lows.
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