Topic
Global markets where governments issue and trade bonds and bills to finance public debt, encompassing yields, auctions, and maturity structures.
Global shares slid on Thursday as French debt strain spread to Italian and Greek bonds and Europe's banks, taking the STOXX 600 to its lowest since June. Reports that Broadcom and SpaceX want billions in debt to buy AI chips put more corporate borrowers in line for the same limited funding.
Reality
Britain's Treasury named six banks, among them Barclays, HSBC and Morgan Stanley, to underwrite DIGIT, its first digitally native gilt, due by end-Q1 2027. The choice settles who sells sovereign debt onchain well before the bond's yield can show what onchain settlement costs.
Perspective Coverage
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America's national debt topped $40 trillion in August, more than double China's, while its 126% debt ratio trails Japan's 207%. Japan holds about 90% of its debt at home, and the US has to find buyers for about $7 billion of new borrowing a day.
Reality
Bond traders pushed the 10-year Treasury yield to 5.15% on Thursday, its highest since 2007, as oil returned to $105 a barrel. Fuel costs from the Iran war are now reaching borrowers through bets on another Fed rate hike.
Reality
The Financial Stability Board told finance ministers that leverage, concentration and AI cross-investment could turn a correction disorderly and cross-border. The arithmetic that matters is who has to sell what.
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