“Break” is probably too strong, but a few things happened at once and I’d rather ask people who live in this market than pretend I’ve got it figured out. Microsoft borrows at the same rate as the US government. A 2040 Microsoft bond and a 2040 Treasury both around 5.11%. Not identical securities, and Microsoft can’t print dollars. But zero spread at the top tier still says something. The IMF flagged the convenience yield going negative this spring. The discount the world accepted just for Treasu
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