So if it's not (ahem) enhanced creditworthiness, then what is driving the unprecedented hunger...

|By:, SA News Editor

So if it's not (ahem) enhanced creditworthiness, then what is driving the unprecedented hunger for sovereign debt? Two possibilities: 1) Bond markets are already pricing in a Japanese-style lost decade of deflation. 2) Regulatory demands for much bigger "liquidity buffers" are forcing banks to max out on government debt.