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Negative debt pile surges by $1.2 trillion in dash for havens
By Sam Potter and John Ainger
Monday, January 27, 2020
The global rush for safer assets has fueled a huge jump in the world's stockpile of negative-yielding bonds, snapping months of decline in the value of subzero debt.
The pool of securities with a yield below zero surged by $1.16 trillion last week, the largest weekly increase since at least 2016 when Bloomberg began tracking the data daily. Another injection looked certain today, as investors worldwide ditched riskier assets and piled into bonds amid mounting fears over a deadly virus spreading from China.
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"I would not go short in the global rates markets now," said Ian Lyngen, the head of U.S. rates strategy at BMO Capital Markets. "The health scare needs to run its course and going with the trade makes the most sense to me." ...
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