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Negative bond yields spill into Europe's emerging markets

Section: Daily Dispatches

By Tommy Stubbington
Financial Times, London
Thursday, July 11, 2019

In the bizarro world of global debt, even bonds from Europe's emerging markets are spewing out negative yields.

Sky-high bond prices -- long a fact of life in the core of the eurozone's debt markets -- are increasingly spilling into what was once considered risky territory. All of the Czech Republic's euro-denominated debt, for example, now trades at sub-zero yields, which means prices are so high that buyers accept a loss to hold them. Short-dated Hungarian bonds and a growing slice of Poland's debt are following suit, with Warsaw's 10-year yields just fractionally above zero.

... Dispatch continues below ...


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... For the remainder of the announcement:

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Emerging-market investors, who traditionally viewed these markets as their domain, are being forced to look further afield for returns, fueling a debt rally from Croatia to Kazakhstan.
...

... For the remainder of the report:

https://www.ft.com/content/6cee154a-a307-11e9-974c-ad1c6ab5efd1

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