Poll: What do you make of the recent bond rout?

Bartomeu Amengual | age fotostock | Getty Images

Global government bond prices saw a dramatic fall last week, dividing opinions on where will debt markets be headed next.

The sharp jump in debt yields in tandem was mirrored by a rally in commodity prices, which suggests that investors are becoming less worried about the risks of deflation.

"Deflation fears have abated, which is good, but it has pushed up bond yields. This partly reflects the fall back in the U.S. dollar on the back of rate hike delays, which has allowed commodity prices, notably oil, to rebound," said Shane Oliver, head of Investment Strategy and chief economist at AMP Capital.

"Hence, the fear of deflation driven by an acute oil price collapse receded, allowing bond yields to move higher," he added.

Some analysts expect bond prices, particularly in Europe, to normalize soon.

"Following the U.K. election, the relative risk investors saw in European bonds came back and as the situation in Greece develops, risks will hopefully unwind and as we move into a certain environment, we can expect bond markets to continue to normalize," Thomas Buckingham, portfolio manager of the European Equity Group at JP Morgan Asset Management, told CNBC on Monday.

Others suggest this could finally be the start of the great rotation out of bonds and into the stock markets.

Do you agree? Tell us what you think in the poll below.