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Portugal's 10-year bond yield drops below zero
By Tommy Stubbington
Financial Times, London
Thursday, November 26, 2020
Portugal's 10-year bond yield fell below zero for the first time today as expectations of further asset purchases by the European Central Bank continued to stoke a relentless rally in eurozone debt.
Investors expect the ECB to expand its E1.35 trillion emergency bond-buying programme at next month's policy meeting as it seeks to dull the economic effects of a second wave of coronavirus infections.
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Minutes from the ECB's October meeting, published today, confirmed policymakers' concern about a weakening outlook, saying that risks to the economy are "clearly tilted to the downside."
That prospect of further stimulus has buoyed sovereign bonds across the euro area, particularly those that offer significant extra yield -- or spread -- over and above Germany's deeply negative-yielding debt. ...
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