There can be no doubt about the event that has dwarfed all others this year as far as a large proportion of people across the globe are concerned. The coronavirus pandemic and its repercussions have been front and centre of thinking and planning from a macro to a micro level and look set to remain there for some time to come.

If there is anything certain in these most unusual times, it is that no one can say what the effects of the coronavirus pandemic will turn out be. All that is known is that they will likely be long-lasting and will definitely be costly. Against this backdrop, public sector borrowers around the globe sprang into capital markets action, raising billions to help fund the various schemes put in place to combat the virus and mitigate its repercussions. Some were quick off the mark and others less so, while a few naysayers were notable by their lack of cohesive action. But, generally, they showed their mettle. And they came from every level - from supranationals to sovereigns and their agencies to regional entities. Issuers already set to borrow billions simply upped their plans and embarked on borrowing billions more - lots of them.