China sells its first negative-yielding sovereign bond, taking advantage of record low borrowing costs amid coronavirus

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China has sold the nation’s first negative-yielding sovereign bond, the latest to take advantage of the record low cost of money amid the global coronavirus pandemic to finance its borrowing.

The deal was worth €4 billion, the equivalent of $4.74 billion, and split between 5-, 10- and 15-year bonds. The 5-year bonds were priced late Wednesday to yield negative 0.152 per cent, while the 10- and 15-year securities were sold with positive yields of 0.318 per cent and 0.664 per cent, respectively.

The debt . . .

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