### Comment:
That's part of it, but the difference between a 2.4% yield and a 0% yield cannot be made up from a change in currency from Euro to USD.

### REPLY:
Sorry, I wasn't clear.  It's offset by the currencies moving while you're holding the bond.  That's telling you that the market expects the Euro to appreciate against the dollar.     
  
 So the most common result of a German buying a US bond is that he gets a return similar to a German bond, after he converts his dollars back into Euros at the currency prices when the bond matures.

### END.