German 10-year yields break above 2 percent

Bund yields were last up 3.9 basis points on the day at 2.01 percent. Bund futures were down 45 ticks at 136.03.

"We had buyers first thing this morning and that now dried up," one trader said. "I think now (there is) potential to gap considerably higher in the 10-year bund (yields)."