Capital Markets: Observations and Insights

Paying to Lend ​ The Search for Yield

YIELD

• Weakening global economic activity due in part to the trade war along with secularly low inflation has weighed on interest rates, driving record negative yielding debt

Worldwide Negative Yielding Debt

Record $13 trillion in negative yielding debt!

$14

$12

$10

$8

$6

Trillions

$4

$2

$0

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Source: Bloomberg as of 6/30/19.

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