Europe’s low interest rate environment has pushed Poland into the remarkable step of offering bonds at a negative yield. It’s thought to be the first time an emerging market has taken the plunge, with the sale of $84m in Swiss franc-denominated three-year bonds. Investors can expect no coupong to be paid and it yielded -0.213 percent. Rising bond prices are seen as connected to the ECB’s decision to buy sovereign bonds in an attempt to kickstart inflation and economic growth. Swiss investors were among those who bought up the popular issuance, as the yield is significantly better than the -0.75 on offer for deposits by the central bank.
