With equities slumping, exchange-rate volatility increasing and political risks intensifying, financial markets around the world have hit a rough patch.

During times like these, international investors generally grow cautious and prioritise safety over returns, so money flees to “safe havens” that can provide secure, liquid investment-grade assets on a sufficiently large scale. But there are no obvious safe havens today. For the first time in living memory, investors lack a quiet port where they can find shelter from the storm.