Meanwhile, ongoing deflationary pressures and growth concerns are keeping investors in safe, high-quality assets, which have pushed down bond yields even further.

“We’re going to see more and more bonds yield less and less,” Juan Esteban Valencia, credit strategist at Societe Generale, said in the article. “Very poor growth in the economy, fear of deflation and high unemployment have caused a flight to safety and eventually compression that has made every other sovereign drop a lot. Everything else has been dragged down.”

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Max Chen contributed to this article.