The recent surge in government bond yields has forced business leaders and investors around the world to confront a critical question - should corporations lock in debt at current interest rates before they rise further? At the same time, higher capital costs and persistent market volatility are compelling investors to reassess their portfolios.

The question has become increasingly urgent as the yield on 10-year US Treasuries has climbed 50 basis points to 4.5% in less than a month. The yield on 30-year Treasuries is approaching 5% after rising 30 basis points in May alone.

Beyond shor...