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Global bond markets declined in May as investor concerns about the monetary easing programmes in Japan and the United States led to sharp increases in yields and declines in prices. The yield on 10-year US Treasuries surged a remarkable 49 basis points in May, while 10-year Japanese Government Bonds rose from 0.61% to 0.85%, having traded briefly as high as 1.00% during the month. Other bond markets reacted with similar moves; yields on 10-year U.K. Gilts and German Bunds rose 31 and 21 basis points, respectively. Canadian bonds were not immune from the volatility and, as a consequence, experienced their worst monthly returns of the year. The DEX Universe Bond index declined 1.46% in May.
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