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##1. Better than holding cash

##2. Wagering that there are other “bagholders.”

##3. Bonds as deflation hedge

##4. Currency hedging can transform negative yields into positive yields.

##5. Diversification benefit

##6. Roll down the yield curve later.

##7. Some institutions are legally required to buy bonds! Liability matching with negative yields

1. Better than holding cash

2. Wagering that there are other “bagholders.”

3. Bonds as deflation hedge

4. Currency hedging can transform negative yields into positive yields.

5. Diversification benefit

6. Roll down the yield curve later.

7. Some institutions are legally required to buy bonds! Liability matching with negative yields

Some pictures and text are from Schroders and other websites, but I don't remember all them.

Some pictures and text are from Schroders, Marketwatch and other websites, but I don't remember all them.

Of note, Germany first sold negative-yielding bonds in Aug 2019, €2bn worth of 30-year bonds that offer no interest payments at all.

Some pictures and text are from Schroders and other websites, but I don't remember all them.

Of note, Germany first sold negative-yielding bonds in Aug 2019, €2bn worth of 30-year bonds that offer no interest payments at all.