Government bonds are selling off worldwide again today as Treasury yields rise – driven by expectations of Federal Reserve tapering of monetary stimulus – making U.S. bonds more attractive to others on a relative basis.
The worst performers in the developed world are, once again, some of the riskiest sovereign credits:
- Greek 10-year yields are up 56 basis points to 10.45%
- Portuguese 10-year yields are up 33 basis points to 6.30%
- Spanish 10-year yields are up 30 basis points to 4.81%
- Italian 10-year yields are up 27 basis points to 4.52%
However, core countries in the eurozone and other European safe havens are getting hit too:
- French 10-year yields are up 12 basis points to 2.22%
- German 10-year yields are up 9 basis points to 1.65%
- Swiss 10-year yields are up 18 basis points to 0.90%
- Swedish 10-year yields are up 14 basis points to 2.13%
And in emerging markets, the brutal sell-off continues (dollar-denominated debt):
- Indonesian 10-year yields are up 56 basis points to 4.76%
- Russian 10-year yields are up 46 basis points to 4.14%
- Turkish 10-year yields are up 46 basis points to 4.60%
- Mexican 10-year yields are up 17 basis points to 3.76%
- Brazilian 10-year yields are up 14 basis points to 4.11%
Nowhere appears to be safe today in government bond markets.
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