Each year, the OECD circulates a survey on the borrowing needs of member countries. The responses are incorporated in the OECD Sovereign Borrowing Outlook to provide regular updates of trends and developments associated with sovereign borrowing requirements 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 (e.g. long-term, short-term, nominal, indexed, etc.) and distribution channels.
Accordingly, the OECD Sovereign Borrowing Outlook provides data and information on borrowing needs and funding policies for the OECD area and country groupings, including gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.
- 27 Feb 2013
Sovereign borrowing overview
OECD debt managers continue to face huge funding challenges. This chapter provides estimates and projections for 2012 and 2013 of a) government borrowing needs and b) central government debt. Raising large volumes of funds at lowest cost, with acceptable roll-over risk, remains a great challenge, with most OECD debt managers continuing to rebalance the profile of debt portfolios by issuing more long-term instruments and, where possible, moderating bill issuance. Governments’ preferences to enhance fiscal resilience encourage the maintenance of a diversity of nominal and price-indexed instruments along the maturity spectrum.