OECD Sovereign Borrowing Outlook 2019

image of OECD Sovereign Borrowing Outlook 2019

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; and changes in the investor base.



Public debt management under stressed market conditions: A review of the recent experiences of Greece, Iceland, Ireland and Portugal

The aim of this chapter is to identify challenges in financing government budget deficits under stressed market conditions; immediate reactions to these challenges; as well as the medium and long-term policy responses for facilitating and maintaining market access. As increased debt services going forward can leave some economies vulnerable to rollover risk, sudden deterioration in market sentiment and tightening of credit, it is timely to look back and highlight key lessons learned from the recent country experiences with stressed market conditions.With this in mind, this chapter presents the recent experiences of sovereign debt management offices of Greece, Iceland, Ireland and Portugal that were at the epicentre of the multi-year European sovereign debt crisis. These country experiences provide insights into the challenges with deteriorated financing conditions and loss of market access as well as the effective means of addressing the challenges and re-establishing market access. Practices of these countries highlight the relevance of being a transparent and predictable issuer, building contingency funding tools for flexibility, a solid relationship with the investor base, as well as a two-way communication with wider market participants.


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