The world is heading towards a global bond crisis..

Government bond yields in the world's largest economies are rising to levels not seen in decades:

Japan is at historic levels, the UK is at its highest levels since 1998, France is back to around 2008 levels, Germany is at its highest level since 2011, while US yields are at their highest levels in 19 years.

As global government debt reaches record levels and interest payments rise, the pressure on governments, companies and markets increases.