財富管理

Why do investors buy negative yield bonds?
爲什麼會有人買負收益率債券?


購買收益率爲負的債券然後持有到期,是板上釘釘的虧本交易。FT記者爲你揭開其中「奧妙」:如果其它資產價格大跌,負收益率債券將帶來「超常表現」。

Negative yielding debt is the most striking consequence of aggressive central bank policy. The amount of bonds with negative market interest rates is near $7tn and appears set to grow. Buying a bond with a negative yield, and holding it to maturity is a guaranteed way to lose money. So why would anyone do so?

負收益率債券是央行激進政策最令人矚目的後果。目前市場利率爲負的債券總計接近7兆美元,且仍呈成長勢頭。購買收益率爲負的債券然後持有到期,絕對是個賠本買賣。那麼爲什麼有人會這樣做呢?

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