MIKE Amey never thought he'd buy bonds from countries like Germany and Switzerland, when losses were all but guaranteed.
Then again, these are hardly normal times in the bond market. Europe faces a prolonged bout of deflation and signs abound that global growth is weakening as oil plummets. Some clients are more willing than ever to lose a little money in return for the security of government debt, said Mr Amey, a London-based fund manager at Pacific Investment Management Co (Pimco).
Bond prices are now so high that yields on more than US$4 trillion of the developed world's sovereign debt have turned negative. That means investors effectively pay a dozen countries from Germany to France and Japan...
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