The impact of COVID-19 pandemic on global debt markets has been unprecedented. In early 2020 the COVID-19 shock prompted a sharp sudden stop in portfolio debt flows to emerging markets, with Q1 recording the largest quarterly EM outflows on record—exceeding the worst seen during the global financial crisis. As social distancing became the norm around the world, the global economy plunged into recession with significant adverse implications on global trade and international investment flows. […]