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Bloomberg, Institute of International Finance; Chart: Andrew Witherspoon/Axios

The amount of bonds with negative yields has grown to more than $13 trillion, data from the Institute of International Finance shows, and unlike in 2016 the amount of debt below zero looks poised to grow.

What's happening: Since European Central Bank President Mario Draghi's latest news conference signaling the central bank is poised to further ease its already negative interest rate policy, bond yields have been dropping below zero across Europe.

Investors are trying to find other places to stash their cash. Interest in so-called alternative assets is pushing banks to launch brand new hundred-billion-dollar divisions, and institutional holdings of money market funds have surged in recent weeks to a record high of $1.68 trillion, IIF notes.

  • But money is still piling into the bonds that charge instead of pay bondholders interest.

The intrigue: Negative yields are primarily on government bonds from Japan and various European countries, but the stock of corporate bonds and securitized instruments with negative yields also has increased, topping $500 billion and $1 trillion, respectively, according to IIF's data.

Go deeper: Municipal bonds are 2019's hottest asset

Go deeper

Updated 3 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 33,484,120 — Total deaths: 1,004,082 — Total recoveries: 23,212,633Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 7,180,179 — Total deaths: 205,729 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

What to watch in tonight's debate

Joe Biden (left) and President Trump (right) are facing off in Cleveland for the first presidential debate. Photos: Alex Wong (of Biden) and David Hume Kennerly (of Trump)/Getty Images

President Trump will try to break Joe Biden's composure by going after his son Hunter and other family members in tonight's first presidential debate — a campaign source tells Axios "nothing will be off the table" — while Biden plans to stick to the economy, coronavirus and new revelations about how Trump avoided paying taxes.

Driving the news: Biden and Trump are set to debate at 9 p.m. ET at Case Western Reserve University in Cleveland, and it will be moderated by Fox News' Chris Wallace.

Massive layoffs hit Disney theme parks

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.