What could happen when the next crisis strikes?

Amid the inflated asset prices, excessive borrowing and threat of the unknown as central banks unwind their crisis-era policies, what impact could these have on the various asset classes?

Sovereign bonds

"Sovereign bonds are a challenging asset class, having served as an excellent risk diversifier for several decades, but perhaps less so as rates go up and inflation risk is on the rise. We like China bonds that offer better value than developed market peers while offering similar if not better defensive characteristics." - Nikko Asset Management