Bonds: Yields Trading Sideways at Elevated Levels

German government bonds are trading within their recent range. In the U.S., however, yields on new Treasury bond auctions climbed to multi-year highs. Trading in corporate bonds is largely focused on well-known names such as E.ON, Volkswagen, and RWE.August 14, 2026. FRANKFURT (Deutsche Börse). The ups and downs of the oil price cause yields to rise at times and fall at others. “On the one hand, there has recently been some relief, or rather lower oil demand forecasts, from the International Energy Agency (IEA) and OPEC,” notes Tim Oechsner of Steubing AG. “On the other hand, the geopolitical situation in the Middle East remains uncertain.”U.S. economic data, such as the U.S. jobs report and U.S. consumer and producer price figures, were also important. “Overall, a picture is now emerging for the Fed in which an interest rate hike in September does not seem inevitable,” says bond analyst Leon Ferdinand Bost of Metzler, describing the situation.U.S. Long-Term Bonds: “Highest Level Since 2001”Yields in Germany have moved sideways at a high level compared to last week: After briefly exceeding 3.2 percent during the week, yields on 10-year German government bonds stood at 3.16 percent on Friday afternoon—roughly the same level as a week ago. At the beginning of the year, the yield was still 2.81 percent.Meanwhile, in the U.S., this week’s auction of new 10-year U.S. Treasury bonds yielded the highest issuance yield since the financial crisis, as reported by Bloomberg, at 4.683 percent. “At the auction of 30-year U.S. Treasury bonds, the yield most recently reached around 5.216 percent—the highest level since 2001,” explains Oechsner.“Alphabet, Amazon & Co. as Competitors”High interest rates in the U.S. are attributed, on the one hand, to higher inflation and government debt, and on the other hand, to the extensive bond issuances by U.S. tech companies. “Alphabet, Amazon, and Meta have already issued a combined total of about $220 billion in bonds in 2026—more than in all of 2025,” notes Oechsner. This means that not only are governments competing for investors’ capital, but so are the major tech and AI companies, to an increasing extent.Heavy Trading in Italian BondsFollowing heavy buying of Turkish lira-denominated bonds in recent weeks, Gregor Daniel of Walter Ludwig Wertpapierhandelsbank reports sales this week of a lira bond issued by the European Bank for Reconstruction and Development ( ). “The Turkish central bank has raised its year-end inflation forecast from 26 to 28 percent, though other lira bonds were not affected,” the trader notes. In government bond trading at Steubing AG, there continues to be significant activity in Italian bonds. Examples include bonds maturing in 2035 and 2037, both with a 4 percent coupon ( , ).In Demand: Eon, VW, Telekom, and RWEIn the corporate bond market, Daniel Käufe reports on the RWE bond issued in early July, maturing in 2037, with a current yield of 4.20 percent ( ). Oechsner notes strong trading volume for Eon bonds maturing in 2029 and 2031, with current yields of 3.01 and 3.37 percent ( , ), VW bonds maturing in 2028 with a yield of 3.22 percent, and a long-term Deutsche Telekom bond maturing in 2045 with a yield of 4.43 percent ( ).Gregor DanielShares and bonds of wind farm developer and operator PNE ( , ) took a significant hit this week. “Hopes for a takeover have likely been dashed,” Daniel notes. According to Daniel, bonds issued by the Latvian airline Air Baltic ( ) also fell. The company has asked its bondholders to approve bridge financing of 225 million euros to meet short-term liquidity needs.By Anna-Maria Borse, August 14, 2026, © Deutsche Börse AG About the Author Anna-Maria Borse is a finance and business editor specializing in financial markets, the stock market, and economic issues.Please send feedback and questions to live@deutsche-boerse.com

Bonds: Yields Trading Sideways at Elevated Levels

公司的其他新闻