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2026-02-18 20:14:39
[Global Government Bond Yields Diverge: US-German Yield Spread Exceeds 130 Basis Points, UK and Australia Lead High-Yield Group] ⑴ Data released on Tuesday showed that yields on major global government bonds continued to diverge. For example, the 10-year yield on German government bonds was 2.750%, low among major economies, only higher than Denmark (2.611%), Sweden (2.656%), and Japan (2.140%). ⑵ In the high-yield group, the yield on Australian 10-year government bonds reached 4.732%, 198.3 basis points higher than Germany; the UK 10-year yield was 4.374%, a spread of 162.4 basis points; the US 10-year yield was 4.075%, 132.5 basis points lower than Germany. ⑶ Observing the 2-year yield, the spread was even more pronounced. The yield on German 2-year government bonds was 2.063%, while the yield on Australian 2-year bonds was as high as 4.205%, a spread of 214.3 basis points. The UK's 2-year yield was 3.574%, 151.1 basis points higher than Germany's; the US's 2-year yield was 3.460%, with a spread of 139.7 basis points. (4) Using the US as a benchmark, its 2-year yield of 3.460% was lower than Australia's 4.205%, but significantly higher than economies such as Japan (1.242%) and Germany (2.063%). For the 10-year maturity, the US yield of 4.075% was also lower than Australia and the UK, but still maintained a significant interest rate advantage relative to Germany, France, and Japan. The UK became the only major economy to maintain a positive interest rate spread against the US on both the 2-year and 10-year maturities.
