London — European bond investors are looking to the region’s central bank to absorb a glut of sovereign debt heading to the markets in 2021.

Bond issuance by euro-area nations may total €1.25-trillion in 2021 as they fight the fallout from the pandemic, on par with the record levels reached in 2020, according to ING Group. In addition, the EU itself is set to be a leading issuer, with a landmark stimulus plan that will be financed by jointly issued debt...

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