A majority of institutional investors have investment mandates which limit them in the amount of cash they can hold. Additionally, if you think there's no chan

A majority of institutional investors have investment mandates which limit them in the amount of cash they can hold. Additionally, if you think there's no chance of EU inflation going forward, even if these are negative yielding securities, you will still have a price return on these. 30yr Bunds were yielding 0.875% at the beginning of the year and have recently gone negative. If you were benchmarked against them and at the beginning of the year decided to either move to cash or short them, you more than likely lost your job.