When Austria sold a fresh batch of 100-year bonds in the summer of 2020, the 0.85% coupon was deemed so juicy that Vienna received some €16 billion of orders.
On Tuesday, the yield on that ‘century bond’ bond maturing in 2120 was flirting with 3%, its price having fallen below €33, according to Tradingview.
Clearly, that made a 100-year bond, launched at a time when central banks were artificially suppressing interest rates, especially risky.
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