Virtual financial markets as a determinant of change in profitability of treasury debt securities on the example of the USA and Europe

The aim of this study is to assess the factors affecting one of the types of virtual financial instruments − treasury bonds − in the face of the financial crisis on the example of the U.S. and European countries (Germany, Poland, Greece, Italy and Spain) over the years 2009-2012. An analysis of yields of Treasury debt securities show a high variability of yields of treasury securities, depending on the changes of the credit risk ratings by the rating agencies. What is more Credit Default Swaps market has also influence on government bond yields. It seems that countries such as Poland, Germany and USA have become the beneficiaries of the turmoil on global virtual financial markets, what at the same time increases the risk of a speculative bubble in bonds of these countries