المستخلص: |
In an inflationary global context accentuated by the COVID-19 health crisis, by the slowdown in the global supply chain and marked by a surge in energy prices, the sovereign debt bond market has been one of the markets most affected by these disruptions, because States were forced to resort to large bond issues on the sovereign bond market in order to cover their expenses, in addition to periodically refinancing themselves on the markets via securities issues (duty bonds). Treasure). Added to this are the unconventional interventions of Central Banks such as the ECB's emergency securities purchase program (PEPP) established in March 2020 to respond to the panic effect on the financial markets. During this turmoil, the Sovereign Credit Default Swaps (CDS) market worsened the situation, notably by encouraging speculation.
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