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Refinancing this at current yields (see chart) would be impossible.
That's around 0.1% higher than current yields on Spanish 10-year bonds in the secondary market.
This highlights the illogicality of anyone buying bonds at current yields, particularly eurozone or Japanese ones.
With earnings on a higher growth path, current yields were understating the attractiveness of equities.
At current yields, he said, there may be no great alternatives.
Bonds, on the other hand, are unlikely to outpace inflation, because current yields are extremely low".
Anyone investing $500,000 in 10-year Treasuries at current yields would earn $13,500 a year.
The other, available to clients though not through a retail fund, pays more attention to companies with higher current yields.
Given the current yields on cash and Treasury bonds, it requires a double-digit return from equities over the long term.
But with bond yields at 2% or below in America, Germany and Japan, current yields are at the high end of the range for likely bond returns.
Steve Huber, portfolio manager at T. Rowe Price, said, "Current yields are an anomaly when you consider where rates have been over the last decade or more".
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