In 2012 international bond markets will probably again be shaped by a low interest rate level. In the relevant currency areas for our company we do not expect any hike in key interest rates. After the European Central Bank had been compelled to cut interest rates again in 2011 on account of the tense economic situation, interest rates can likely only be raised in 2012 if there is a sharp rise in prices. The US Federal Reserve Board will probably take initial steps towards a more restrictive monetary policy in 2013 at the earliest. Against the backdrop of the expansionary fiscal policy and the uncertainty stemming from the Eurozone debt crisis, German and US government bonds will remain on a low level. Bonds issued by certain states belonging to the European Monetary Union will continue to come under pressure. Last but not least, the incremental strategy adopted for solving the Euro debt crisis will lead to further volatility in the capital market environment. The necessary consolidation of public finances will serve as a further drag on the economic climate.