Bond yields for both the corporate and government sectors appear to have peaked and begun a gradual decline: After the 10-year Treasury yield (US10Y) briefly touched the psychologically important level of 5%, bullish calls on bonds grew louder and more numerous. In what follows, we explain our view that we are now in a new bond bull market, and why that could be a once-in-decade opportunity for real estate investment trusts ("REITs"), which the market widely perceives as bond proxies.
