0512 GMT - The drivers of recent bond market moves differ slightly country by country, Catalyst Funds' Larry Holzenthaler says in a note. "The one difference is going to be general economic conditions and corporate earnings," the senior portfolio manager says. In the U.S., earnings results are in a pretty strong position versus other places in the world that might be a little bit more mixed, he says. Globally, sovereign debt loads are generally high pretty much everywhere around the world and that is clearly causing some concern further out the curve, while oil obviously is a part of that, he says. "Energy prices, generally, are going to impact different countries a little bit differently but the price of oil and energy is feeding into that," he says, adding that inflation is certainly an issue.