Draghi pushes corporate bond yields to 1% before a bond is bought

Even before Mario Draghi starts his corporate-bond buying programme on Wednesday, he’s pushed down borrowing costs in Europe toward unprecedented levels.

The average yield on investment-grade company notes in euros tumbled to 1.002 per cent on Monday, according to Bank of America Merrill Lynch index data. That’s the lowest in more than a year and a smidgen away from dropping below one per cent, something that’s happened in just one other period.

Companies ...