The US Treasury’s status as the world’s lowest-cost dollar borrower is facing a fresh challenge from foreign development banks, as concerns over the Trump administration’s erratic policymaking increase the appeal of alternative haven assets.
Dollar bonds issued by the likes of the World Bank, the European Investment Bank and Germany’s state-owned KfW have rallied in recent months as investors look beyond US Treasuries, traditionally popular as haven assets during times of global stress.
As a result, yields on this so-called sovereign, supranational and agency (SSA) dollar debt have fallen almost into line with those on US government bonds, a trend that has continued even as the war in the Gulf has roiled markets.
您已阅读13%（720字），剩余87%（4944字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。