Listen again: Bonds, heroes or villains?

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With the cost of government debt reaching its highest for several decades, we're giving you another chance to hear our exploration of how the world became so dependent on bonds, those IOUs from governments and firms that helped build the modern economy. Bonds are often dismissed as a dull corner of finance, but behind the scenes they have played a central role in major economic dramas around the world.We hear about their history, how they have shaped companies and countries, and why some fear the bond market could trigger the next global meltdown.If you'd like to get in touch with the programme, our email address is businessdaily@bbc.co.ukPresenter: Rob Young Producer: Gideon Long[This episode was first broadcast on 12 Jan 2026](Photo: A bond issued in 1648 by a Dutch water board to finance improvements to a local dike system. The bond, written on vellum, is held at Yale University Beinecke Library and is believed to be one of the oldest in the world that still pays interest. Credit: Yale University)