"The amount of debt in the world is soaring.
The amount of triple-A debt in the world is soaring as well.
Which is a worse thing, because triple-A debt is much more systemically dangerous than most other debt.
Global issuance of triple-A bonds was more or less nonexistent back in the early 90s.
For the past decade it has invariably accounted for somewhere between 50% and 60% of total global fixed income issuance. That’s possibly the most horrifying bit of all: it simply defies credulity for anybody to be asked to believe that more than half the bonds issued in any given year are essentially free of any credit risk."
Write up by Felix Salmon, released by Reuters.