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2026-02-19 16:46:06
[Global Government Bond Yield Spread Map: US and German 10-Year Yield Spread Exceeds 130 Basis Points, UK and Australia Continue to Lead High Yields] ⑴ Data released on Thursday showed that the divergence in yields among major global government bonds continued. For example, the 10-year yield on German government bonds was 2.764%, low among major economies, only higher than Denmark (2.618%), Sweden (2.669%), and Japan (2.144%). ⑵ In the high-yield camp, the yield on Australian 10-year government bonds reached 4.795%, 203.1 basis points higher than Germany; the UK 10-year yield was 4.396%, a spread of 163.2 basis points; the US 10-year yield was 4.107%, 134.3 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 2.059%, while the yield on Australian 2-year bonds was as high as 4.271%, a spread of 221.3 basis points. The UK's 2-year yield was 3.591%, 153.2 basis points higher than Germany's; the US's 2-year yield was 3.491%, with a spread of 143.3 basis points. (4) Using the US as a benchmark, its 2-year yield of 3.491% was lower than Australia's 4.271%, but significantly higher than economies such as Japan (1.257%) and Germany (2.059%). For the 10-year maturity, the US yield of 4.107% 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.
