The world is heading towards a global bond crisis...

Government bond yields in major economies are rising to levels not seen for decades:

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

With global government debt at record levels and interest payments rising, the pressure on governments, companies and markets is increasing.