Germany’s 30-year government bond yield reached 3.79%, its highest level since 2011, while the euro zone’s benchmark issuer sold a bond at that maturity at the highest yield in 15 years. French yields approached an 18-year high near 5%. Commerzbank expects German gross bond supply to reach a record €400 billion ($468 billion) in 2027, up from €349 billion this year, while Barclays forecasts record euro zone gross supply of €1.54 trillion next year. Governments are borrowing to finance defense, infrastructure, welfare and health costs, while the European Central Bank allows maturing bond holdings to run off without reinvestment. Rising supply and unchanged investor appetite are contributing to higher yields, which move inversely to bond prices and increase borrowing costs for governments, companies and households.