The Most Famous Government Bond Auction In History

This morning France sold 6-month bills at a negative interest rate (following in the lead of Germany and other European countries that have seen negative nominal interest rates due to save-haven inflows).

Since it’s attracted the infamous Drudge red-letter treatment, and since Drudge is the king of all media, we figure this means that this auction stands as the most famous government bond auction in history.

drudge

Photo: The Drudge Report

For more on the collapse of French borrowing costs, see our report from this morning >

 

UPDATE: On Twitter, @dutch_book points out that in 2009, Drudge made a big deal over the record US haul when it raised $104 billion in the bond market in one weak.

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