The long game

When Austria sold a €3.5bn 100-year bond two years ago at a yield of 2.1%, a few eyebrows were raised. Now the bond is among the best-performing assets in the world this year, notching up a total return of nearly 66% since the end of 2018. German 30-year bonds, which have recently seen their yields turn negative, have returned 28% this year. Holders of UK 50-year bonds are sitting on a 22% gain...

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