Such a very unusual situation

Never in history before 2015 were there negative interest rates.

If inflation is at 5% it is normal for bondholders to demand a yield of at least 7%. That way they get 2% real return for the sacrifice of lending out their money, postponing consumption.

It’s been crazy and idiosyncratic for bondholders to get negative real returns.

https://mishtalk.com/economics/ecb-hopes-to-end-negative-interest-rates-by-the-end-of-the-third-quarter

It’s crazy and idiotic that European central banks still have interest rates below zero as inflation is raging.