11.   The spread reflects the premium investors demand to invest in gilts rather than bunds.

12.   The spread reflects the risk premium investors are demanding to invest in gilts rather than bunds.

13.   The spread reflects the risk premium investors demand to invest in gilts rather than bunds.

14.   The spread reflects the risk premium that investors demand to invest in gilts rather than bunds.

15.   The wider spread reflects the fact that shorter-dated bonds, which more closely track changes in official interest rates, have made gains against longer dates.

16.   The wider spreads reflect investor concern that the companies will have a harder time paying their dollar-denominated debts as their currencies slide.

17.   This real-yield spread also reflects the fact that German real yields are at historic highs while Italian yields are relatively low.