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1.Market Observations, 8.Was Sticky

8 Aug 2019 (AFR) – Did you hear the one about the negative-coupon mortgage-backed bond?

(8 August 2019, AFR, p10, Frances Schwartzkopf)

Copenhagen | In the world’s biggest covered-bond market, a Danish bank says it’s now ready to sell 10-year mortgage-backed notes at a negative coupon for the first time. It’s the latest record to be set in a world that’s being dragged down by ever lower interest rates. In Denmark, where Jyske Bank will offer 10-year mortgage bonds at a fixed rate of minus 0.5 per cent, average Danes will borrow at rates far lower than those at which the US government can sell its debt.’

Read more at AFR.com (might need AFR log in access, or try: AFR.com/trial)

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