SINGAPORE (July 22): German 10-year bund yields have spent much of July at -0.24% to -0.26%. For yield seekers, look no further than Deutsche Post, trading as Deutsche Post DHL Group (DPDHL), an interesting company that is trading at a dividend yield of 3.92% (see Chart 1). Its yield spread — the difference between dividend yield and risk-free rates — is more than 4%, given the current negative yield on risk-free bunds. The catch, of course, is tax. For German dividends, investors have to pay a withholding tax of 25%+5.5%.

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