The global debt crisis is set to get even worse: Total sovereign and corporate bond issuance is estimated to rise to a record $28.8 trillion in 2026. That would mark the 4th consecutive annual increase and would also DOUBLE the average pre-pandemic levels. Corporate debt issuance is set to surge to a record $6.9 trillion, while government debt issuance is expected to rise to $21.9 trillion, also an all-time high. By comparison, governments and corporates issued $23.7 trillion of debt in 2020, during the pandemic. As a percentage of GDP, global issuance is expected to increase to 23.3%, the 2nd-highest on record, only behind the 27.5% peak during the pandemic in 2020. To put this into perspective, the 2008 Financial Crisis peak was 21.4%. The world is borrowing ABOVE crisis levels.(The Kobeissi Letter)