The return investors can get from holding the benchmark German 10-year bund (bond) has fallen into negative territory for the first time ever as fears over an impending British vote on EU membership and concerns over the global economy drive investors into safe-haven assets.

The zero read means that the German government, if it wished, could borrow money for 10 years at zero% interest. The development comes days after the European Central Bank began purchasing corporate bonds for the first time as part of the expansion of its bond-buying program.

Further uncertainty is being caused by recent polls showing the Brexit camp gaining momentum on the “Remain” movement. According to the latest YouGov poll for The Times, 48% of Britons would vote to remain in the European Union while 49% would vote to leave.

“It’s become far too close to call. This is less about what the vote means for Britain than what it means for the remaining members of the EU should the country decide to leave. Investors are asking themselves if other countries would likely follow and, in the absence of clear indication, they’re parking their money somewhere safe,” said Floyd Paché, chief economist at Shinsei Corporate Management.

The uncertainty over the vote has hit the British Pound hard. It has fallen to multi-year lows against the US dollar and currently trades at $1.4163 compared to the $1.4600 it held in late May.

“Clearly, investors think that Brexit would be bad for the UK economy and, with the polls showing a slight gain for the “Leave” camp, some investors would rather hold anything but sterling,” concluded Paché.

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