Business development

Interest rate environment

Yield on ten-year German Federal bonds (%)

2020

2019

Change
(percentage points
)

Average yield

0.48

0.22

0.26

Highest yield

0.14

+0.28

0.42

Lowest yield

0.91

0.74

0.17

Year-end yield

0.58

0.19

0.39

Source: Thomson Reuters

Due to the effects of the Covid-19 pandemic, yields in the Eu­­ro­­zone remained at a very low level. The interest rate on ten-year German Federal bonds (bunds) remained nega­­­tive in 2020 and, following the outbreak of the pandemic in Eu­­rope, dropped to a level below 0.5 % by the end of the year. The ECB’s pandemic emergency purchase program made a significant difference in this respect (volume as of December 31, 2020: € 1.85 trillion), which was supported by fur­­ther European and national measures.

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