Negative yields on bonds are back with a vengeance. The five-year German government bond yield reached an all-time low of ?0.69% after European Central Bank ((ECB)) President Mario Draghi delivered a dovish speech on June 18, indicating that the ECB could provide additional stimulus if economic downside risks increase and the current inflation outlook remains subdued. This triggered a fall in bond yields globally, with a record of more than US$12 trillion of bonds trading at negative interest rates as of June 19 (see chart). Negative yields mean investors have to pay (rather than being