The End of the Long Bond Era

From the US to Japan, governments are having to pay investors more to get them to lend money by buying bonds. Now countries everywhere are pulling back on issuing longer-term debt. Washington is having to pay the highest interest rate in almost 18 years for 30-year bonds, while Japan and the UK face the highest rates in decades. Germany and Australia are also having to put up more to raise money. Indeed, countries from Austria to the UK are pulling back on issuing 50-, 70- and 100-year bonds just a few years after investors couldn’t get enough of them.

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