Thanks for the zap - what do you think about sovereign debt in general? Personally I think they're shitcoins, I don't have any allocation at all to the asset class. Sovereign borrowing seems to be on a purely upward trajectory from here (in the US, but probably most of the world too) and will likely crowd out private debt in the market, suffocating businesses in the process.

Seems clear to me that the 40-year bull market in bonds is over. Sovereign CDS rates likely bear out some recognition of the increased riskiness of being a bagholder in the bond market.