OECD Working Papers on Sovereign Borrowing and Public Debt Management

ISSN :
2226-4132 (en ligne)
DOI :
10.1787/22264132
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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.

 

Principles and Trade-Offs when Making Issuance Choices in the UK You or your institution have access to this content

Auteur(s):
OCDE
Date de publication
30 sep 2011
Bibliographic information
N°:
2
Pages
12
DOI
10.1787/5k9gz2mmx0vh-en

Cacher / Voir l'abstract

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 trade-offs. Key factors influencing annual issuance decisions are determined in accordance with the debt management objective. As part of this assessment the UK Government undertakes an analysis of the demand conditions in the gilt market and implications for the cost of issuance. Other factors such as market management and portfolio diversification considerations are also taken into account as well as practical and operational issues associated with any issuance strategy...
Mots-clés:
yield curve, debt management principles, liquidity, trade-offs and issuance choices, risk management, Annual issuance program, portfolio diversification
Classification JEL:
  • E43: Macroeconomics and Monetary Economics / Money and Interest Rates / Interest Rates: Determination, Term Structure, and Effects
  • G18: Financial Economics / General Financial Markets / Government Policy and Regulation
  • H63: Public Economics / National Budget, Deficit, and Debt / Debt; Debt Management; Sovereign Debt