BY REZA ISMAIL, HEAD OF BONDS AT PRESCIENT INVESTMENT MANAGEMENT

Since late April 2023, global developed bond markets have sold off conspicuously. In recent weeks, the yield on 30-year US Treasuries hit a 16-year high reaching 4.95 per cent for the first time since 2007 - before the Great Financial Crisis. In a sign of the pervasive impact of the sell-off, German and Italian borrowing costs also hit their highest levels for more than a decade.