Global bond markets
Updated
What it is
Global bond markets are the worldwide system of sovereign and corporate debt securities, now worth roughly $109 trillion, equal to about 93% of world GDP, up from 81% in 2015. Outstanding sovereign bond debt hit a record $61 trillion in OECD countries in 2025, plus $12.1 trillion in non-OECD emerging markets. The OECD projects OECD sovereign bond issuance will reach a record $18 trillion in 2026, part of $29 trillion in total government and corporate borrowing expected that year.
Why it matters lately
A synchronized global bond selloff hit in August 2026: on August 18 the US 30-year Treasury yield pushed above 5.3%, Japan's 10-year JGB yield climbed to 2.95%, UK gilt yields crossed 5.06%, and German Bund yields hit their highest since 2011. Analysts described it as the sharpest selloff in nearly two decades, driven by a rising "term premium" as governments issue record debt volumes and an oil-price shock reignited inflation fears. By September 8, 2026 the US 10-year yield stood near 4.80% and the 30-year near 5.25%.
Asymmetric Analytics view
Inference (AA): Global bond markets are the macro backbone linking Fed policy, JGB stress, and sovereign fiscal strain across the graph's regional and policy nodes.