Sovereign borrowing costs have taken another lurch lower as more COVID-19 outbreaks threaten economic recovery, yet five months after the pandemic panic first hit, a divergence is opening up within four of the world's biggest bond markets.
Graphic: World's sovereign bond markets part ways - https://fingfx.thomsonreuters.com/gfx/mkt/gjnvwxbllpw/bonds0308.PNG" does have to do with growth expectations, given the contrast in success in dealing with COVID-19 and what this means for re-openings going forward," said Mohammed Kazmi, a portfolio manager at UBP.
Graphic: Narrowing that gap - bond yield spreads against U.S. Treasuries narrow sharply - https://fingfx.thomsonreuters.com/gfx/mkt/yxmvjreeavr/spreads0308.png But the bigger dynamic at play may be speculation that U.S. and British interest rates will fall below 0per cent, further squeezing their bonds' yield premium over Germany and Japan, where borrowing costs went negative years ago.
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