Actually, it is always the time for public investments: In many European countries, roads, ports and supply networks are showing their age.

In North America, the infrastructure is ailing in a dangerous way.

And in Asia, many systems are being built from scratch or geared to the current needs of drivers, electricity consumers and consumers.

Philip Krohn

Editor in business, responsible for "People and Business".

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It may be a coincidence that a particularly large number of bond issues have been issued by development banks, public investment companies and state authorities in the past few days.

For investors, this means being invested in relatively safe projects, dealing with comparatively trustworthy issuers and sometimes also receiving guaranteed payouts.

The end of the zero interest era

Due to the normalization of interest rates, these investments no longer inevitably bear interest at close to zero percent, but now generate a positive nominal return.

The state development institute in Dresden, for example, calls itself the Saxon Development Bank.

It specializes in subsidy programs for housing, infrastructure and municipal investments.

Education and social affairs are also part of the portfolio of the public institute.

This week, the bank issued a €100 million bond that is not only small in size but also requires investors to subscribe to larger tranches.

With a coupon of 1.6 percent, it has a nominal yield that would have been unimaginable just a few months ago.

Of course, given inflation of more than 7 percent recently, investors have to calculate the attractiveness differently today, but with a term of ten years, such an interest rate with a state authority involved is also a certain change compared to the zero-interest era.

Asia lures

Anyone who gets involved with the state of Belgium will get almost as much interest - but with a term of 31 years and an issue rate of 99.4 percent.

The country is not traditionally one of the EU countries with the highest credit ratings, such as Germany or Finland.

The Fitch agency rates the creditworthiness with AA- and a stable outlook.

Up until the fall, the outlook had been negative.

This assessment affects the conditions in the bond issues.

The government in Brussels has to offer correspondingly lower interest rates for issues with shorter maturities: for a ten-year bond that was first issued in January, the interest coupon is 0.35 percent (at an issue price of 99.9 percent).

Supposedly more attractive interest rates are attracting investors to the Asian region.

Currency fluctuations and the now more uncertain economic development mean an additional risk since the corona virus has become more widespread again and there have even been lockdowns in large cities.

Xiangyu Investment, a public financier, pays 5 percent interest on a EUR 200 million issue with a term of three years.

The figures for Chengdu Airport are quite similar: the same term, slightly lower interest rates.

The investment can be seen as a little safer, but also has a slightly lower interest rate.