0525 GMT - The energy shock and higher expectations for policy rates are an important part of the explanation for the sharp rise in long-term rates but the rise also reflects more structural changes, SEB's Jens Magnusson and Malte Meuller say in a note. These structural changes include larger government borrowing needs, higher risk premia, strong private-sector demand for capital and reduced demand from major bond buyers, say chief economist Magnusson and Meuller, advisor to the chief economist. "Much suggests that yield levels similar to those we see today will persist, and that the low-rate years should rather be viewed as a historical anomaly," they say.