The renewed hunt for yield in global bond markets has taken investors to historically turbulent waters.
A rally in Greek debt, after euro-area finance ministers agreed to disburse more funds to the zone’s most indebted country, has seen 5-year bond yields fall below equivalent U.S. Treasuries.
“Is there any more evidence needed of the madness now gripping the financial markets,” wrote Societe Generale SA strategist Albert Edwards in a note.