Poland becomes first EM borrower to issue negative-yield bonds
London
EUROPE'S warped credit markets took a new turn on Tuesday when Poland became the first emerging market borrower to issue a bond at a negative yield.
Until this week, the only sovereigns to have sold new debt at negative rates had been the highest-rated eurozone governments. Those deals had been denominated in euros. Poland issued in Swiss francs instead, taking advantage of a market with the lowest deposit rate in the world, at -0.75 per cent.
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