German government bonds are recording their biggest swings since the eurozone debt crisis a decade ago as the European Central Bank’s withdrawal strips the market of one of its most important buyers.
The deteriorating trading conditions have led to a strong uptick in volatility in a market that acts as a yardstick for borrowing costs across the region.
The yield on Germany’s 10-year Bund has moved in at least a 0.1 percentage point range on 79 days in 2022, according to Financial Times calculations based on Refinitiv data. Bund yields have not swung in such a wide range so regularly since 2011 and only did so on one day last year.
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