Editorial: Hidden message

Author: | Published: 30 Oct 2017

Ireland is the latest sovereign to successfully launch a zero-coupon bond in the market, with reports pointing to demand 2.5x oversubscribed for the five-year notes.

This means investors rushed to pay the government to buy €4 billion ($4.7 billion) worth of its debt, hold it for five years and walk away having made no money.

Ireland follows in the footsteps of several other European member states which have gone down the same route: Italy sold around €1.5 billion of zero-coupon bonds in September,...