Germany sold 10-year bonds with a negative yield for the first time, a sign of the lengths investors are willing to go to in order to hold Europe’s benchmark fixed-income assets. The nation sold the zero percent bonds due in August 2026 at an average yield of minus 0.05 percent, after yields of existing bonds in the secondary market dropped to an all-time low of minus 0.205 percent last week. The negative yield means investors buying the securities and holding them until maturity will receive back less than they paid.

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