Graph 12  Non-financial Corporate Bond Pricing 10-year bonds, BBB rated %  %  10  10 Bond yield  5  5 Swap rate  bps  bps  Spread to swap  600  600  300  300  0 2005  2009  2013  2017  0 2021  Sources: Bloomberg; RBA  The rise in the swap rate around the 3-year mark has flowed through to higher yields on bank bonds in the secondary market.
We have come a long way on the path to completing the banking union. But we are not there yet. What remains to be done is ambitious. But it is ambitious and achievable. When the pandemic crisis struck this time last year, the joint European response revealed the strength of a united Europe that can react and move forwards swiftly.