On November 19, China sold its first negative-yield bond

The yield of 0% 25nov2025, EUR (1826D) bond was at 0.3 percentage points above the benchmark mid-swap rate of minus 0.45%. Investors got an effective interest rate of minus 0.15%.  According to Alan Roch, head of bond syndicate in Asia at Standard Chartered, one of the banks on the deal, “This was a combination of the rarity of issuance alongside a positive outlook for China’s economy.”

• Status
  outstanding
• Country of risk
  China
• Redemption (put/call option)
  *** (***)
• Amount
  750,000,000 EUR
• М/S&P/F
  — / — / —

• Full name
  People's Republic of China
• Registration country
  China