Societe Generale rate strategists say Germany's 10-year bund yield has reached
their Q4 target of 3.25%, but the sell-off is not over. They flag that
term-premium rebuilding still has a long way to go and remains well below pre‑QE
levels, supporting their mid‑2027 target of 3.40% and making a rise to
3.60–3.75% by end‑2027 increasingly likely. Tradeweb data showed the German
10-year closed at 3.25% on Friday.