Banks syndicating massive European bond sales at unprecedented pace
H1 2026 already beats full pandemic emergency borrowing Italy alone raised $81 billion while Germany UK and others set records
US debt service headed toward $17,000 per household by 2036
Politicians treating record borrowing as the new normal
U.S. DEBT CRISIS DEEPENS: INTEREST COSTS COULD HIT $17,000 PER HOUSEHOLD BY 2036
— First Squawk (@FirstSquawk) June 18, 2026
Government borrowing worldwide has reached unprecedented levels:
Global government bond issuance through bank offerings has surged to a record $504 billion in H1 2026.
This covers only government bonds sold through banks rather than regular auctions, a method particularly popular in Europe, and does not include US Treasury issuance, which relies exclusively on direct auctions.
This marks the 4th consecutive annual increase and even exceeds the H1 2020 pandemic emergency spending.
Italy has led all borrowers with ~$81 billion raised year-to-date, followed by Germany at ~$16.1 billion, while the UK, Belgium, and Serbia have each priced their largest government bond deals on record.
The global debt crisis is worsening.
Government borrowing worldwide has reached unprecedented levels:
Global government bond issuance through bank offerings has surged to a record $504 billion in H1 2026.
This covers only government bonds sold through banks rather than regular auctions, a method particularly… pic.twitter.com/lXIQaXq9jp
— The Kobeissi Letter (@KobeissiLetter) June 18, 2026
Latest NY Fed data (Q1 2026): Total US household debt hit $18.8 trillion (record high, +$18B from prior quarter).
Breakdown:
Mortgages: $13.19T
Auto loans: $1.69T
Student loans: $1.66T
Credit cards: $1.25T
HELOCs: $446B
Consumer credit (ex-mortgages, Apr 2026 Fed G.19): ~$5.15T total.