11% is a safe interest rate on my country (py), I just got a 14.5% offer for local bonds BBB+
11% may be the safest bond you have access to, but that doesn't make it _safe_ in absolute terms.
Imagine you have a scenario where inflation is 0 in currency A and 10% in currency B. Would you rather have a 2% bond in currency A or a 9% bond in currency B? This is why Euro bonds go negative sometimes, when USD interest rates were very low and the Euro was deflationary relative to the dollar, it could push rates even further lower.
The interesting question would be what their currency, where this 11% is offered, typically loses year-on-year