The ultra-long end of global bond markets is an area that doesn’t get much attention in the popular or even in the financial media, and with good reason. It’s a place that, for a very long time, was something of a graveyard, with very little happening. In the years following the great financial crisis (GFC), ultra-long end yields collapsed as markets priced in a never-ending deflationary outlook. Consecutive quantitative easing policies also had a significant effect, as the decline in benchmark 10-year yields dragged down the 30-year section in tandem. Liquidity effects are also important to note. Treasuries have typically…

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