Henkel and Sanofi set new milestone with negative yielding bonds

The sales are the latest sign of how European Central Bank policies to suppress borrowing costs for governments and companies have upended assumptions about the way financial markets operate.

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Bankers said investors stomach the losses because they are smaller than those on government bonds or keeping money in a commercial bank account.

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"As a fund manager you really have to question if you can justify this type of investment to your end investors, especially when you will be judged with hindsight," said Chris Telfer, a portfolio manager with ECM asset management.