Sanofi

A momentous item of news last week (which arose while I was on holiday and hence the late post) was the astonishing fact that two public companies, Henkel and Sanofi, sold bonds with negative coupons. Yes the purchasers of their bonds are guaranteed to get back less than they paid for them in a few years time giving an effective return of minus 0.5%. In a normal financial world, you have to pay to borrow money you do not have. More recently ...