I am a straight equity/equity option guy so this is outta my space. Im sure its very possible...but wouldnt it signal out right armageddon? What do you debt guys say?
http://economics.about.com/cs/interestrates/a/zero_interest.htm http://dailyreckoning.com/the-impact-of-japans-negative-interest-rates/ http://www.kathylien.com/site/swiss-franc/eurchf-floor-negative-interest-rates-in-switzerland
Assuming you are talking about the long bond future: At 0% yield the CTD of the long bond future should be the T 6 5/8 2/27, which pricing at 0% yield is $201.787364. The conversion factor is 1.0613, so the current front US bond contract should be worth $190.13226. Not sure where you are getting 154 from?