The Future of
Sovereign Debt.
“In an era of fiscal fragmentation, the very definition of ‘risk-free’ is being rewritten — and with it, the architecture of global capital.”
Overview
In this episode, Dr. Alistair Vance unpacks the tectonic shifts reshaping sovereign debt markets — from the erosion of traditional safe-haven assumptions to the emergence of digital-first monetary frameworks. We explore why institutional investors are rethinking duration risk, how geopolitical realignment is fragmenting the global bond market, and what the return of real yields means for long-term capital allocation strategies.
Key Discussion Points
- 01The Liquidity Paradox
Why record-high global liquidity is masking structural fragility in sovereign bond markets — and what happens when the tide recedes.
- 02Digital Sovereignty
How central bank digital currencies and tokenised government bonds are redefining what it means to “own” sovereign debt in a decentralised world.
- 03The Return of Real Yields
After a decade of negative real rates, Dr. Vance argues that the re-emergence of positive real yields is the most significant repricing event since the Volcker era.
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