Let’s talk about idiots.

Somewhere out there, some absurdly well-paid banker just placed his investors’ capital in yet another financial instrument which is guaranteed to lose money: Australian government debt.

47 investors participated in the Australian government’s $200 million bond tender; the participants typically bid the amount they’re willing to pay, and the highest bids win the auction.

In this case, and for the first time in Australia, every single one of the 47 bidders offered a price so high that it implies a negative interest rate.

Even the lowest bid in the auction, for example, implied a net loss… or an effective yield of NEGATIVE 0.015%. The highest price implied a yield of negative 0.085%.

Read more at Iris.xyz.