Business development

Interest rate environment

Yield on ten-year German Federal bonds (%)




Average yield




Highest yield




Lowest yield




Year-end yield




Source: Thomson Reuters

The yield of the ten-year German Federal bonds (bunds) declined in 2019. For the first time since October 2016, ten-year bunds have again had a negative interest rate. The market development was characterized by ongoing trade disputes and an escalation of the situation in the Middle East. Furthermore, surplus liquidity in the market was noticeable, which generated a corresponding demand for securities with high credit ratings. The European Central Bank (ECB) also continued its loose monetary policy. The decision to implement further monetary policy relief in September 2019 did confirm market expectations but the decline in returns was at least halted by the onset of profit-taking.

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