Resulta sorprendente que algunos inversores "presten dinero" a Alemania y aún por encima le paguen interese por hacerlo.
Reproduzco íntegramente el artículo de Expansión:
Y también el publicado en The Wall Street Journal "Money for Nothing"
Another first for the financial crisis. Germany Monday raised €3.9 billion in six-month bills that paid a negative yield at auction for the first time on record – meaning investors paid the government for the privilege of lending to it. That just emphasizes how uncertain the near-term outlook is for many investors.
Unlike the vast majority of longer-dated bonds, bills don’t pay coupons but are usually issued at a discount and then redeemed at par. Germany’s auction saw investors pay €100.00616 now to receive €100 in six months’ time, giving a yield of minus 0.0122%. That’s in line with the secondary market, where Germany government debt up to one year in maturity is trading at negative yields. Demand was 1.8 times the paper sold, less than the 3.8 times seen in December when bills yielded a magnificent 0.0005%.
There is usually steady demand for bills from banks for balance-sheet purposes, as these are highly liquid instruments. But for some investors, the return of their capital is clearly still far more important than the return on their capital. And Germany is probably benefitting as the pool of top-quality short-term bills has been sharply diminished as the euro-zone crisis has deepened and as ratings downgrades have kicked in. That’s even though bills should be excluded from restructurings: To default on them would bankrupt banking systems and would conceptually be equivalent to refusing to honor banknotes.
But Monday’s auction also shows once again there are countries doing very well. Yes, Germany, we’re looking at you.