An ‘Epic Supply-Demand Battle’ Is Looming Across Bond Markets
- Pressure seen in Europe bill auctions, costly Australia issue
- TD warns of execution risk in U.S. issuance, nervous market
A pedestrian walks near the Federal Palace and the headquarters of the Swiss National Bank in Bern on March 27.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
In coronavirus-rocked debt markets, a historic wave of government bond selling is meeting the biggest monetary buying program on record.
But even as central banks unleash their trillions, the issuance spree across developed economies is proving far from smooth sailing.