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Pimco’s Kiesel Sees Bubble in $3 Trillion of Negative-Yield Debt

Forget high-yield bonds. The real froth in markets can be found in the swelling pool of negative-yielding government debt from Europe to Japan.

That’s according to Mark Kiesel, chief investment officer for global credit at Pacific Investment Management Co., who’s increasingly wary of investors paying governments from Spain to Switzerland to lend to them.