The reverse-sovereign-debt-crisis hits businesses, too

Now Unilever and Texas Instruments are the new safe havens.

It has long been clear that the world is experiencing, in the words of Business Insider's Joe Weisenthal, "the opposite of a sovereign debt crisis".

Governments, seen as one of the last safe havens for money in the world, have experienced collapsing bond yields, leading them, in many cases, to be paid to borrow money. This is partly borne out of fear of another banking crisis, but it's also due to a complete failure on the part of businesses to actually find anything to do with their record cash hauls. As tech investor Peter Thiel put it in a conversation with Google's Eric Schmidt:

Google is a great company. It has 30,000 people, or 20,000, whatever the number is. They have pretty safe jobs. On the other hand, Google also has 30, 40, 50 billion in cash. It has no idea how to invest that money in technology effectively. So, it prefers getting zero percent interest from Mr. Bernanke, effectively the cash sort of gets burned away over time through inflation, because there are no ideas that Google has how to spend money.

There was always going to be a limit to even what these risk-fearing companies were willing to accept when it came to negative yields, however, and the question was what would happen when they hit that floor.

Now we have our answer. Joe Weisenthal:

Unilever, the large European food conglomerate, just sold $550 million worth of 5-year notes with a coupon of just 0.85 percent. According to Bloomberg, this is the lowest ever borrowing cost for U.S. debt. . .

And just like that, Texas Instrument has broken a record for the lowest coupon on 3-year debt at just 0.45 percent according to Bloomberg.

When sovereign debt gets too expensive, then corporations the size of sovereigns become the new safe haven. Where will it end?

This chart, from the St Louis Federal Reserve, shows the average yield on Aaa rated corporate bonds.

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Why a group of Brunel students walked out on Katie Hopkins instead of no-platforming her

"We silently walked out because Ms Hopkins has the right to speak, but we also have the right to express our discontent."

Earlier this week, columnist and all-round provocateur Katie Hopkins turned up to Brunel University to join a panel in debating whether the welfare state has a place in 2015. No prizes for guessing her stance on this particular issue

But as Hopkins began her speech, something odd happened. Around 50 students stood up and left, leaving the hall half-empty.

Here's the video:

As soon as Hopkins begins speaking, some students stand up with their backs to the panelists. Then, they all leave - as the nonplussed chair asks them to "please return to their seats". 

The walk-out was, in fact, pre-planned by the student union as an act of protest against Hopkins' appearance at an event held as part of the University's 50th anniversary celebrations. 

Ali Milani, the Brunel Student Union president, says he and other students knew the walk-out would "start a conversation" around no-platforming on campuses, but as he points out, "What is often overlooked (either purposely or as a result of the fanfare) is that the conversation at no point has been about banning Ms Hopkins from speaking on campus, or denying her right to speak."

Instead, students who found her appearance at the welfare debate "incongruous" and "distasteful" simply left the room: "We silently walked out because Ms Hopkins has the right to speak, but we also have the right to express our discontent."

Milani praised the student body for treading the line between freedom of speech and expressing their distaste at Brunel's decision: 

"They have respectfully voiced their antagonism at the decision of their institution, but also . . . proven their commitment to free of speech and freedom of expression."

The protest was an apt way to dodge the issues of free speech surrounding no-platforming, while rejecting Hopkins' views. A walk-out symbolises the fact that we aren't obliged to listen to people like Hopkins. She is free to speak, of course, albeit to empty chairs. 

Barbara Speed is a technology and digital culture writer at the New Statesman and a staff writer at CityMetric.