Brilliant!

A new short-term bond auction has been announced in Germany and the yield is...

Now short term German bonds have traded such that rates have gone negative, but what's novel here is the announcement of a 0% coupon.

So you're giving your money to Germany for two years and getting back the exact same amount. You just have the privilege of someone holding it for you.

But hey, there's so much demand for risk-free assets, you really have no right to expect a return these days... especially in Europe.

Of course, the massive gasp between Germany's cost of capital (which is literally free now) and the borrowing costs of the periphery really show what a scandal it is that Germany is to tightfisted these days.