Still, while some analysts expect yields to tick lower, they do not expect them to fall as low as they did before the rout in debt markets.
Citi, for instance, no longer anticipates the German 10-year Bund yield to turn negative this year. It now forecast 10-year yields to end the third quarter at around 0.2 percent, up from a previous forecast of -0.05 percent.
And Goldman Sachs now see the 10-year Bund yield climbing to 0.9 percent by the end of the year, from a previous forecast of 0.5 percent.
Rieger at Commerzbank said he expected the Bund yield to decline to about 0.4 percent over the coming weeks. That would still put yields well above the 0.05 percent record low seen in April.
"What is clear is that yield lows are behind us if we move to levels that we are forecasting or below then there will be more willing sellers than we have seen in the past," Commerzbank's Rieger, who expects the Bund yield to decline to about 0.4 percent over the coming weeks, said. "That's the big difference since before the sell-off."
Berenberg's Schulz described the rebound in yields as "ultimately healthy."
"(It's) fundamentally justified but the upside is limited," he said. "We do think yields will go up but it's going to be gradual as growth prospects improve and that will take time."