Who Owns Different Countries’ Government Bonds?

Who Owns Different Countries’ Government Bonds? About 70% of the U.S. national debt is owned by domestic government, institutions investors and the Federal Reserve. Picture source: Deutsche Bank Global Research

U.S. Government Bond Fund Flows

U.S. Government Bond Fund Flows Over the last six months, U.S. government bond fund flows have been the largest since 1985. Picture source: Goldman Sachs Global Investment Research

Greek’s 5-Year Bond Yields Have Fallen Below US 5-year Government Bond Yield

Greek’s 5-Year Bond Yields Have Fallen Below US 5-Year Government Bond Yield Which one would you choose? Greek bonds or US counterparts? This is a great example of financial market madness. Mark Twain once said, “History doesn’t repeat itself, but it does rhyme.” That’s true! Greece has spent around half its time in default on its…

Different Holders of DM Government Debt

Different Holders of DM Government Debt The chart shows the historical breakdown of different holders of DM government bonds and overall DM debt-to-GDP. Even with QE, central bank government bond holdings are below historical peaks. Picture source: BlackRock Investment Institute

$11 Trillion Bonds Globally Trade At Negative Interest Rates

$11 Trillion Bonds Globally Trade At Negative Interest Rates The total amount of negative interest rates climbed to USD 11 trillion. Investors are paying governments for the privilege of holding their bonds and are losing so much money in real terms. Picture source: Deutsche Bank Global Research

Global High Yield Bond Spreads Since 2017

Global High Yield Bond Spreads Since 2017 High yield bond spreads have widened recently (difference in yields between high yield bonds and comparative government bonds). Picture source: BlackRock

The Amount of Outstanding Negative-Yielding Debt since 2009

The Amount of Outstanding Negative-Yielding Debt since 2009 Investors are paying governments for the privilege of holding their bonds and are losing so much money in real terms. Raising interest rates in the future could be painful for bond investors. Picture source: Jeroen Blokland, Bloomberg