{"id":5891,"date":"2020-11-09T11:46:07","date_gmt":"2020-11-09T11:46:07","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5891"},"modified":"2020-11-19T12:55:36","modified_gmt":"2020-11-19T12:55:36","slug":"one-in-four-high-quality-bonds-has-negative-yield","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/11\/09\/one-in-four-high-quality-bonds-has-negative-yield\/","title":{"rendered":"One in four high-quality bonds has negative yield"},"content":{"rendered":"

More than a quarter by value of the world\u2019s investment-grade bonds now have negative yields, according to the latest data from Bloomberg<\/a>.<\/p>\n

The market value of the Bloomberg Barclays Global Negative Yielding Debt Index rose to $17.05trn on Thursday, the highest level ever recorded. The previous record was set in August 2019.<\/p>\n

\"\"<\/p>\n

Although the coronavirus pandemic has seen a surge in government debt issuance, this has been offset by trillions of dollars of quantitative easing (QE) programmes that suppress yields.<\/p>\n

Last week, the Bank of England and Reserve Bank of Australia announced plans to expand their QE activities.<\/p>\n

In the eurozone, negative yields are firmly entrenched: the average yield on eurozone government bonds is negative up to twelve years into the future, while the yield on the highest-rated (AAA) bonds is negative at all maturities.<\/p>\n

Of the major government bond markets, only the US Treasury market still offers above-zero yields at all maturities, ranging from 0.12 percent at one year to 1.6 percent at 30 years, as at November 6.<\/p>\n

As interest rates move downwards worldwide, savers in some countries have been hoarding large-denomination banknotes, with pronounced rises in demand for cash in Japan, Switzerland and the US<\/a>.<\/p>\n

Japan and Switzerland have pursued negative official interest rate policies for years, incentivising savers to hold banknotes rather than cash in bank accounts, where they face a steady erosion of their capital.<\/p>\n

The global demand for US $100 bills has\u00a0more than quadrupled in the last two decades<\/a>, with this particular denomination reportedly highly favoured by money launderers<\/a>.<\/p>\n

Meanwhile, the issuance of dollar tokens traded and settled on cryptocurrency networks has quadrupled this year<\/a>. Most of these tokens are unregulated and exchanged peer-to-peer without any need for identity checks.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

More than a quarter by value of the world\u2019s investment-grade bonds now have negative yields, according to the latest data from Bloomberg. 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