Switzerland Wednesday became the first country ever to issue 10-year debt that gives investors a yield under 0%.
Several European countries inside and outside the eurozone have sold government debt with up to five years of maturity at negative yields, which means investors effectively pay for the privilege of buying it. But no other country has previously stretched this out as long as 10 years.
The Alpine country sold a total of 377.9 million Swiss francs (about $391 million) of bonds maturing in 2025 and 2049. On the 10-year slice, the yield was -0.055%, compared with 0.011% on its most recent similar bond two months ago.
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Desperation.
David DeGerolamo
