HONG KONG -- China, whose bonds have been a magnet for global investors because of their relatively high returns, has for the first time sold government debt at a negative interest rate -- joining the "club" of nations that are seeming to defy economic logic by in effect getting investors to pay to lend them money.
Highlighting an era of record-low interest rates, China -- which raised 4 billion euros ($4.75 billion) in a three-part deal -- priced the five-year part of the bond at -0.15%, according to a term sheet seen by Nikkei Asia. That was 30 basis points above the so-called mid-swap rate of -0.45%.
