US Treasuries vs German Bunds
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USD versus EUR safe assets: Fed vs ECB, swap lines, and why bunds can yield less.
Guidens fullständiga briefing är på engelska. Titel, sammanfattning och navigering är på ditt språk så att du kan avgöra om du vill läsa vidare.
US Treasuries vs German Bunds — the mechanics
Bunds are the euro area’s benchmark; Treasuries are the world’s. Yield gaps reflect inflation, growth, fiscal paths and who is forced to hold each bond.
USD versus EUR, Fed versus ECB, 10-year Treasury versus 10-year bund. The Treasury–bund spread is a famous macro chart. It is not a credit-default chart; both are G7 sovereigns in their own currency.
Bunds can yield less and still be ‘rich’ because of euro scarcity, regulation and the ECB’s curve. Treasuries carry dollar reserve demand and a larger deficit supply.
A euro investor in Treasuries takes USD. A dollar investor in bunds takes EUR. Duration of a 10-year is similar; the currency is not.
Official sources (US Treasuries)
Primary statistics and prospectuses for US Treasuries are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Viktiga punkter
- USD versus EUR, Fed versus ECB, 10-year Treasury versus 10-year bund.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
Vanliga frågor
- Are bunds safer than Treasuries?
- Both are top-tier sovereigns. ‘Safer’ depends on currency of your liabilities, not a universal ranking.