The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers. The Outlook makes a policy distinction between funding strategy and borrowing requirements. The central government marketable gross borrowing needs, or requirements, are calculated on the basis of budget deficits and redemptions. The funding strategy entails decisions on how borrowing needs are going to be financed using different instruments and which distribution channels are being used. This edition reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area, updating 2020 estimates released prior to the outbreak. It examines debt issuance trends for government securities in emerging market and developing economies since 2020, and presents novel insights on the impact of the COVID-19 pandemic on issuance conditions in these economies. It then discusses how debt management offices can adapt their governance practices to prioritise and deal with the aggravated operational and market risks presented by the COVID-19 crisis.