Indeed, Germany’s 30-year bund yield is less than 0.7%, indicating that they expect ultra-low rates for a very long time. And many issuers are extending the maturity structure of their obligations to lock in current rates, which cannot go much lower (but could potentially increase a lot).
诚然，欧洲央行的大规模债券购买计划也许正在暂时性抑制利率，而当明年购买操作中止时，利率会回升。但投资者似乎并不认为如此。事实上，德国30年期国债收益率还不到0.7%，表明投资者认为极低利率会维持极长时间。许多发行国正在延长债务的期限结构以锁定不可能再大幅降低（但可能大幅上升）的当前利率。