There’s a new kid in debt town, with the closest thing so far to a true “euro bond” about to be sold in prodigious size to pay for the European Union’s new 750 billion-euro ($869 billion) pandemic fund. It will represent a challenge to Europe’s undisputed credit-market champion: the German bund. Germany’s government bonds have long been the continent’s benchmark for quality. They’re the equivalent to US Treasuries as offering the safest collateral — and are regarded essentially as risk free.
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