Budgets, bonds and the benefit of the tape

The European Commission has launched what its president, Ursula von der Leyen has called its "most ambitious" budget proposals. They include a heap of joint borrowing to be done by the EU, cementing its status as a permanently huge bond issuer. We look into the numbers to see what it means for the SSA bond market.

Meanwhile, in France, covered bonds look set to trade through government bonds. Again, the government's budget has a part to play as we investigate what this pricing dynamic means for different groups of investors.

We also herald the dawn of the EU's consolidated tape for the bond market, which aims to bring better price transparency. We explain what it will contain, what it won't and why it matters.