Negative yields: Getting to grips with the great bond rally

How negative rates are upending the rules of finance

© FT montage; Sir John Tenniel/CC

Roughly one-quarter of the global debt market is trading at levels once thought improbable

Central bank argues that the policy has been a success but others are unconvinced

What was once an anomaly has become commonplace since the financial crisis

The unnerving world of sub-zero rates still offers managers ways to eke out gains

Feeble returns from safer bonds steer funds into longer, shakier instruments

The markets are vulnerable to potential nasty losses if rates suddenly shoot up