Subzero-Rates Club Swells With Spanish Debt and Australian Bills
- Australia sells 3-month Treasury notes at low yield of -0.01%
- Average yield on Spain’s 10-year debt auction is below 0%
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Some investors who bought Australian bills and Spain’s benchmark bonds at auction are effectively paying the nations for holding their securities.
An auction of three-month Australian notes on Thursday saw an average yield of 0.01%, with buyers who bid most aggressively at the sale receiving a yield of minus 0.01%. The average rate on Spain’s 10-year debt was below zero for the first time on record.