# The Captive Buyer Returns: BIS Documents the Sovereign-Financial Nexus

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 21 Jul 2026.

Audio: https://audio.agora-intelligence.com/en/captive-buyer-returns-bis-sovereign-financial-nexus.mp3

BIS: bond market stress is 3.8% probable under high public debt versus 0.3% under low. Central banks hold 17% of sovereign bonds, down from 27%.

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