Foreign demand for US Treasuries has awakened from a long slumber, as global investors have added almost $500bn in US sovereign debt to their existing stock since the start of 2019. Rates in Europe are lower than ever before, and the dollar’s trailblazing rise recorded over 2018 has abated. This has left US government issues as one of the few places for international institutional investors to pick up yield (albeit only a small amount on a hedged basis). As Treasury issuance continues to rise, one could expect foreign holdings of these securities to continue rising hand-in-hand.