Germany is selling 10-year bonds with a zero coupon for the first time, as a rally in fixed-income securities pushes investors to forgo annual interest payments in order to hold the safest assets. The nation is selling 5 billion euros of zero percent bonds due in August 2026 on Wednesday, after yields in the secondary market dropped to an all-time low of minus 0.205 percent last week. A negative yield at the auction would mean investors buying the securities and holding them until maturity would receive back less than they paid.

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