10-year bund yields rise to -0.163% at the highs today

That is the highest since March last year as yields take out the highs from last Thursday at -0.178% at the time. There is a bout of optimism starting to flow in Europe as vaccinations slowly but surely gather pace and more talk of border reopenings.

Adding to that is the lack of hard data from the ECB's PEPP purchases, which were supposed to be stepped up "significantly". Yet, policymakers can only keep talking about tapering over the last few weeks and not anything else.

Not forgetting the recent uptick in Treasury yields is also having some spillover impact.