China Borrows Again at Negative Rates in Euros

China sold about $4.6 billion of bonds denominated in euros, taking advantage of superlow yields in the eurozone to raise shorter-term funds at negative rates for the second year running.

China’s finance ministry sold €1.5 billion, the equivalent of $1.7 billion, of three-year notes priced to yield minus 0.192%, a term sheet showed. It also sold the same amount of seven-year debt with a positive yield of 0.216% and €1 billion, or about $1.15 billion, of 12-year bonds yielding 0.759%.