In a world where paying for the privilege of lending to creditworthy nations has lost its stigma, Switzerland is breaking the most ground.
The nation on Wednesday became the first to sell 10-year bonds via auction at a negative yield, meaning investors who acquired the securities effectively paid the Swiss government to hold their money for a decade. It's the longest-maturity debt that has been sold directly to investors at yields that are less than zero as the country fights the risk of deflation.
With Germany's yields negative up to seven years, Switzerland's auction is just the latest example of the impact of unprecedented central bank monetary easing that has suppressed borrowing costs across the world. Mexico, a developing economy that 20 years ago sought a $50 billion bailout to avoid a default, is said to be selling the world's first 100-year government debt in euros, while yields on local currency two-year notes in the Czech Republic fell below zero for the first time last month.