If the negative interest rates go even lower, like from -1% to -2%, then you get a capital gain on your bond and can profit by selling it, instead of holding to

If the negative interest rates go even lower, like from -1% to -2%, then you get a capital gain on your bond and can profit by selling it, instead of holding to maturity. The longer until maturity, the more your gain, so this mainly helps with long-term bonds. https://portfoliocharts.com/2019/05/27/high-profits-at-low-rates-the-benefits-of-bond-convexity/ https://portfoliocharts.com/2019/05/27/high-profits-at-low-r... (I'm not claiming this is the reason people hold these bonds, just describing the scenario where they would come out ahead vs. cash.)