In the 10 years after the global financial crisis, net supply — new debt minus old bonds coming due — grew at similar rates for governments and corporates, according to Bloomberg indexes. Since 2020, sovereign debt issuance has raced ahead after governments introduced expensive policies to buoy their economies during widespread Covid lockdowns.The power to raise taxes and print money has meant that, for decades, the core of portfolio construction in the US or Europe has been Treasury bonds, followed by Germ ...