PLW - Sovereign borrowing expected to hit $12.6T in 2021 S&P says

Sovereign borrowing will reach $12.6T in 2021, 20% lower than the historical surge in 2020 but still 50% higher than the pre-COVID multiyear average, S&P Global Rating estimates in its annual survey of global sovereign debt.Actual net issuance in 2020 exceeded the pre-COVID forecast by 2.5x and reached $10.9T, or 13% of rated sovereigns' GDP, in 2020, representing the approximate cost of global fiscal support to economies dealing with the pandemic.Most of the borrowing was made by a few of the largest economies — the U.S., Japan, China and the U.K. top the list.That brings the total stock of commercial debt to a record $67.5T, 75% of global GDP, by year-end.Even with the increase in sovereign debt outstanding, debt servicing costs fell to record lows due to monetary easing."The current market borrowing costs are well below the effective interest rate of the existing debt stock in many parts of the

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Sovereign borrowing expected to hit $12.6T in 2021, S&P says