In 2013 international bond markets will probably still be shaped by low interest rates. In the relevant currency areas for our company we expect at most marginal increases in key interest rates. After the European Central Bank had further cut interest rates in 2012 on account of the tense economic situation, hikes in key rates will likely only be seen in 2013 if there is a sharp rise in prices. Given the current state of the economy and the unemployment numbers, the US Federal Reserve Board can probably only take initial steps towards a more restrictive monetary policy late in 2013 at the earliest. Against the backdrop of the sustained expansionary fiscal policy and the uncertainty stemming from the Eurozone debt crisis, German and US government bonds will remain persistently on a low level. Yields may, however, pick up slightly in longer maturity segments. Sovereign debt with high credit spreads issued by member states of the single European currency that are currently under the spotlight may see some stabilisation in 2013. Last but not least, the incremental strategy adopted for solving the Euro debt crisis will lead to further volatility on capital markets. The necessary consolidation of public finances will continue to drag on the economic climate.