First negative yield new issue stuns

摘要

The first public new issue to be marketed with a negative yield priced on Monday, stunning some observers with an above-par price on a zero coupon deal. The German state oflower saxony, Niedersachsen, indicated the €500m no-grow 18-month Landesschatzanweisung at a price of 100.10 with a 0% coupon for a yield of minus 0.067% UniCredit was sole lead.