The bond issuance by Germany today should be of interest to anyone dealing in aircraft and/or engines – for Germany has set a zero per cent coupon on its €5bn two-year bond auction which is selling off as I write and is expected to pass off without a hitch. The point is of course that investors will not be paid for the privilege of lending to the German state and they are not alone as the UK and the US are also throwing out zero percent coupons. These governments are of course providing a safe haven for investors in a

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