OECD Sovereign Borrowing Outlook

2306-0476 (online)
2306-0468 (print)
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Each year, the OECD circulates a survey on the borrowing needs of member countries. The responses are included in the OECD Sovereign Borrowing Outlook, an annual publication looking at trends and developments associated with sovereign borrowing requirements and debt levels, from the perspective of public debt managers. The Outlook provides data and information on borrowing needs and funding policies for the OECD area and other country groupings. Its coverage includes gross borrowing requirements, net borrowing requirements, central government marketable debt, funding strategies and instruments and distribution channels.

OECD Sovereign Borrowing Outlook 2017

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26 May 2017
9789264271272 (PDF) ;9789264271258(print)

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The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure 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 and which distribution channels are being used. This edition provides data, information and background on sovereign borrowing needs and discusses funding strategies and debt management policies for the OECD area and country groupings. In particular, it examines: gross borrowing requirements; net borrowing requirements; central government marketable debt; interactions between fiscal policy, public debt management and monetary policy; funding strategies, procedures and instruments; liquidity in secondary markets; implications of a low interest environment for government debt; and the outlook of inflation linked bonds.

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  • Executive summary
  • Sovereign borrowing outlook for OECD countries

    This chapter provides an overview of, and outlook for, sovereign borrowing, deficits and debt in the OECD area for the period 2007-2017. It examines net and gross borrowing needs of OECD governments in the context of fiscal policy challenges and developments. Fiscal policies are shaped by two imperatives: the need to reinvigorate economic growth, including through debt-financed public investment over the short to medium term; and continued pursuit of measured fiscal consolidation over the medium- to long-term. Debt management offices react to these challenges by making redemption profiles somewhat lighter over the short-term.

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