{"id":11099,"date":"2019-07-23T10:18:20","date_gmt":"2019-07-23T09:18:20","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=11099"},"modified":"2019-07-24T12:36:11","modified_gmt":"2019-07-24T11:36:11","slug":"negative-yielding-bonds-gain-ground","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/negative-yielding-bonds-gain-ground\/","title":{"rendered":"Negative yielding bonds gain ground"},"content":{"rendered":"<h1>Chart of the week<\/h1>\n<p>On 28 June 2019, the value of negative-yielding bonds stood at almost USD 13 trillion, compared with approximately USD 8 trillion on 31 December 2018. This represents almost a quarter of \u2018creditworthy\u2019 bonds, a level last seen in June 2016.<\/p>\n<p><a href=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/07\/22072019-3.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11100\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/07\/22072019-3.png\" alt=\"\" width=\"1348\" height=\"780\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/22072019-3.png 1348w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/22072019-3-300x174.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/22072019-3-768x444.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/22072019-3-1024x593.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/22072019-3-600x347.png 600w\" sizes=\"auto, (max-width: 1348px) 100vw, 1348px\" \/><\/a><\/p>\n<h1><b>OUR<\/b> <b>ANALYSIS<\/b><\/h1>\n<p>Both the Federal Reserve\u2019s decision to ease monetary policy and Mario Draghi\u2019s dovish statements at the Sintra central banking forum have helped drive bond yields lower for an increasing number of issuers, to the point of pushing a greater number of bonds into negative-yielding territory. 10-year French treasuries are now no exception.<\/p>\n<p>So why do investors buy these bonds? Some are required to hold them for regulatory reasons, while others expect yields to fall further, which pushes bond prices up.\u00a0 Others want to invest exclusively in risk-free assets. Whatever the reason, the bizarre world of negative yielding bonds is all the more so since inflation rates are positive. As a result, 10-year German Bund purchasers are now \u2018receiving\u2019 a real yield of -1.4% !<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated July 18th, 2019, and liable to change.<\/em><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week On 28 June 2019, the value of negative-yielding bonds stood at almost USD 13 trillion, compared&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":11119,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-11099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Negative yielding bonds gain ground &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Negative yielding bonds gain ground Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/negative-yielding-bonds-gain-ground\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Negative yielding bonds gain ground &#8211; 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