Everyone knew it defied logic to pay for the privilege oflending trillions of dollars to European governments.

But two months ago, that didn't stop investors from doingexactly that, causing the pool of European bonds with negativeyields to soar to almost 3 trillion euros ($3.4 trillion) as ofmid-April, Bank of America Corp. data show.

That trade is now dying quickly. The amount of such securitiesin the market has shrunk nearly in half, to 1.6 trillion euros asof June 9.

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