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Denmark pegs its krone to the euro, forcing the central bank in Copenhagen to closely track the ECB's every step.</p>","<p><img class=\"aligncenter size-full wp-image-20699\" src=\"https://images.treasuryandrisk.com/cdn-cgi/image/format=auto,fit=contain/https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2019/06/3392473911.jpg\" alt=\"\" width=\"616\" height=\"312\"/></p>","<div class=\"paywall-content\"><p>The amount of bonds globally with negative yields surged to a record $12.5 trillion this week. Danish two-, five- and ten-year securities are already trading with below-zero yields, while 30-year Swiss obligations fell into negative territory Tuesday.</p>","<p>Drivers for the global fixed-income rally include trade tensions, tumbling inflation expectations, and anxiety over economic growth, prompting central banks to talk up the prospect of looser policy—juicing bonds anew.</p>","<p>While the Federal Reserve is expected to keep its interest rate unchanged on Wednesday, the market has already priced in more than one rate cut for this year.</p>","<p>Danish government debt is the top performer among top-rated European bonds so far in 2019. The 5.7 percent return beats Germany, the Netherlands, Norway, Sweden, and Switzerland. The country's monetary authority cut rates below zero back in 2012.</p>","<p>— With assistance from Frances Schwartzkopff.</p>","<p>Copyright 2019 Bloomberg. All rights reserved. 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