The ICMA Quarterly Report for the Third Quarter of 2020 focuses on the lessons from COVID-19 for capital markets. The Foreword by Jean-Marc Mercier of HSBC, Deputy Chair of ICMA, and the Message from ICMA’s Chief Executive, Martin Scheck, are both on this theme. Other contributions to the ICMA Quarterly Report on a similar theme include: the economic impact of COVID-19 and implications for capital markets; regulatory responses to the market impact of COVID-19; ICMA’s secondary market and repo studies on the market impact of COVID-19; the arrival of the new fixed income market; initial lessons for bond fund managers; and bond markets in Asia. The Quarterly Assessment is on the transition to risk free rates. And there is a feature on Sustainability-Linked Bonds: a promising addition to the ESG debt markets. The ICMA Quarterly Report also covers other international capital market practice and regulatory developments in the primary markets, secondary markets, repo and collateral markets, sustainable finance, asset management and FinTech in international capital markets.