Autumn has arrived in Germany in all its glory.

With lead-gray clouds, rain and uncomfortable temperatures, you shiver just looking out the window.

The outlook for the bond market is similarly bleak.

"Continuing concerns about inflation and the increasingly concrete signals from the Fed for a gradual end to its bond purchases are causing yields on the global government bond markets to rise," explains bond analyst Hauke ​​Siemßen from Commerzbank.

The yield on ten-year federal bonds climbed to minus 0.17 percent by Wednesday, and the ten-year US bond also rose to 1.54 percent.

Madeleine Brühl

Editor in business.

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But the dark Evergrande clouds are still hanging over the bond market. Since the company was unable to make several interest payments due on its bonds, it has been a matter of waiting to see whether or not the Chinese government will save the company. With the suspension of trading in its shares at the latest, the impending collapse of the Chinese real estate giant, which is more than 300 billion dollars in debt, is more than present again, says Jochen Stanzl, market analyst at CMC Markets. The topic remains a risk for investors, even if the majority continue to assume only a limited impact on the international financial markets.

The bond prices of the Chinese group are currently stuck with yields of 100 to 200 percent at the lowest possible level - similar to that of the smaller Chinese housing construction company Fantasia with 400 percent and more, which was unable to service an interest payment due on a bond of 206 million dollars. Chinese high-yield dollar bonds are currently far from being in demand: Tuesday saw the biggest sell-off in at least eight years.

In contrast, the uncomfortable autumn weather has subsided for Deutsche Bahn.

The wage conflict of the past weeks has been resolved, many more passengers and goods should be on the rails, and from mid-December onwards, fares will rise by almost 2 percent.

On October 6th, Deutsche Bahn raised 300 million Swiss francs in a ten-year bond.

The minimum amount of 5,000 Swiss francs is halfway private investor-friendly, but the interest rate is rather sparse at 0.25 percent.

This autumn, too, there are more returns only against significantly more risk.