OECD Working Papers on Sovereign Borrowing and Public Debt Management

OECD Working Papers on Sovereign Borrowing and Public Debt Management provide authoritative information on technical and policy issues in the area of public debt management (PDM) and government securities markets. Studies track closely structural issues, trends and challenges in government debt policies and markets. Topics include pressing government debt policy issues such as the measurement of sovereign risk; how to contain the cost of government borrowing operations; the use of electronic systems; sovereign asset and liability management (SALM); liquidity of markets in government debt; advances in risk management; the role of derivatives in PDM; linkages between PDM and monetary policy and the role of debt managers in pricing and managing contingent liabilities.

These studies are prepared for dissemination among sovereign debt managers, financial policy makers, regulators, financial market participants, rating agencies, and academics. By providing information on this highly specialised field of government activity and policy, papers aim to stimulate discussions among a wider audience as well as further analysis.

Less

English

ISSN: 22264132 (online)
https://doi.org/10.1787/22264132

9 results

	Date Date	Title Title	Click to Access
No. 9	26 Nov 2018	The liquidity buffer practices of public debt managers in OECD countries Pedro Cruz and Fatos Koc This paper summarises and discusses results from a survey of the liquidity buffer practices of debt managers in OECD countries. It includes detailed information on their purpose, cost, level and investment. Where possible and relevant, comparisons...	Click to download PDF - 1.31MB PDF Click to Read online and share READ
No. 8	02 Feb 2017	The role of public debt managers in contingent liability management Lerzan Ülgentürk Contingent liabilities are major sources of fiscal risks due to the uncertain financial commitments they involve. Their effective management, therefore, is essential for increasing stability and predictability in public finance. This paper explores...	Click to download PDF - 1.27MB PDF Click to Read online and share READ
No. 7	01 Aug 2013	Assessing the Cost Effectiveness of Index-linked Bond Issuance James Knight Sovereign index-linked bond issuance has grown significantly since the early 1980s, with nearly $2.5 trillion USD in bonds now in issue. Index-linked bonds have become a widely accepted part of the set of instruments that sovereign debt managers use...	Click to download PDF - 708.67KB PDF Click to Read online and share READ
No. 6	17 Jan 2013	Investor Relations and Communications Mark Dooner and David McAlister This paper summarizes and discusses results from a survey conducted by the Department of Finance Canada and the Bank of Canada in July 2012 regarding an overview of investor relations (IR) and communications practices of members of the OECD Working...	Click to download PDF - 1.51MB PDF Click to Read online and share READ
No. 5	13 Sept 2012	Buyback and Exchange Operations Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as...	Click to download PDF - 859.50KB PDF Click to Read online and share READ
No. 4	20 Feb 2012	A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management Hans J. Blommestein and Anja Hubig This paper examines the analytical underpinnings of the standard micro portfolio approach to public debt management (PDM) that aims at minimising longer-term cash-flow based borrowing costs at an acceptable level of risk. The study concludes that two...	Click to download PDF - 952.36KB PDF Click to Read online and share READ
No. 3	20 Feb 2012	Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability Hans J. Blommestein and Philip Turner This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management (PDM) and monetary policy (MP). The paper notes that, although their formal...	Click to download PDF - 1.05MB PDF Click to Read online and share READ
No. 2	30 Sept 2011	Principles and Trade-Offs when Making Issuance Choices in the UK OECD This paper sets out: (i) the principles underpinning debt management policy in the UK; (ii) the key factors influencing annual issuance decisions; and (iii) how some of those factors require judgements to be made in determining appropriate...	Click to download PDF - 767.89KB PDF Click to Read online and share READ
No. 1	30 Sept 2011	Regulatory Reform of OTC Derivatives and Its Implications for Sovereign Debt Management Practices OECD This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many...	Click to download PDF - 1.37MB PDF Click to Read online and share READ

9 results

The liquidity buffer practices of public debt managers in OECD countries
Pedro Cruz and Fatos Koc
26 Nov 2018

This paper summarises and discusses results from a survey of the liquidity buffer practices of debt managers in OECD countries. It includes detailed information on their purpose, cost, level and investment. Where possible and relevant, comparisons...

The role of public debt managers in contingent liability management
Lerzan Ülgentürk
02 Feb 2017

Contingent liabilities are major sources of fiscal risks due to the uncertain financial commitments they involve. Their effective management, therefore, is essential for increasing stability and predictability in public finance. This paper explores...

Assessing the Cost Effectiveness of Index-linked Bond Issuance
James Knight
01 Aug 2013

Sovereign index-linked bond issuance has grown significantly since the early 1980s, with nearly $2.5 trillion USD in bonds now in issue. Index-linked bonds have become a widely accepted part of the set of instruments that sovereign debt managers use...

Investor Relations and Communications
Mark Dooner and David McAlister
17 Jan 2013

This paper summarizes and discusses results from a survey conducted by the Department of Finance Canada and the Bank of Canada in July 2012 regarding an overview of investor relations (IR) and communications practices of members of the OECD Working...

Buyback and Exchange Operations
Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing
13 Sept 2012

This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as...

A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management
Hans J. Blommestein and Anja Hubig
20 Feb 2012

This paper examines the analytical underpinnings of the standard micro portfolio approach to public debt management (PDM) that aims at minimising longer-term cash-flow based borrowing costs at an acceptable level of risk. The study concludes that two...

Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability
Hans J. Blommestein and Philip Turner
20 Feb 2012

This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management (PDM) and monetary policy (MP). The paper notes that, although their formal...

Principles and Trade-Offs when Making Issuance Choices in the UK
OECD
30 Sept 2011

This paper sets out: (i) the principles underpinning debt management policy in the UK; (ii) the key factors influencing annual issuance decisions; and (iii) how some of those factors require judgements to be made in determining appropriate...

Regulatory Reform of OTC Derivatives and Its Implications for Sovereign Debt Management Practices
OECD
30 Sept 2011

This report analyses the possible implications for public debt management practices arising from regulatory changes for over the counter derivatives (OTCD) that are being developed worldwide to strengthen the resiliency of the financial system. Many...

Discontinued Series