This month Carl Heinz Daube, the head of Germany's formidable debt management agency, did something that would have seemed almost unimaginable – or unnecessary – five years ago.
He travelled to China and Singapore for a meeting with two of the world's biggest investors – as part of an attempt to charm a new pool of investors, such as sovereign wealth funds – who might be willing to buy German government bonds.
The trend is spreading fast. Until recently, countries such as Germany, which have long prided themselves on having a triple A debt rating – and relatively low yields – felt little need to court global investors.
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