[The scale of global government borrowing hit a record high, and banks' underwriting of treasury bond bonds reached 504 billion dollars in the first half of the year] On June 18th, according to The Kobeissi Letter, the scale of global government borrowing reached a historic high. In the first half of 2026, the scale of global government bonds issued through bank underwriting channels surged to $504 billion, setting a new record. This statistical caliber only includes government bonds sold on behalf of banks, and does not include regular bond auctions and issuances (the bank underwriting model is very popular in Europe); At the same time, the data are not included in US treasury bond bonds, and all US treasury bond are issued through direct auction. The scale has been increasing year by year for four consecutive years, even surpassing the bond issuance scale corresponding to the epidemic emergency expenditure in the first half of 2020. Since the beginning of the year, Italy has issued bonds to raise approximately $81 billion, ranking first in the world; Germany followed closely behind with approximately 16.1 billion US dollars. The UK, Belgium, and Serbia have all completed the largest government bond pricing issuances in their respective countries' history. The global debt crisis is constantly intensifying.