Many years ago on April Fool’s Day, I told the assembled bond salesmen at my bank’s morning meeting that our firm had been selected to lead manage an innovative new issue: the world’s first zero-coupon perpetual bond. Half asleep and hung over after a night out on the town in Tokyo, a few scribbled it down in their notebooks but most just ignored it. One guy though, more alert than the others, slowly poked his head up and asked, “how does that work?”
It was a joke, of course. But this week’s issue of a 30-year zero-coupon Bund at a…
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