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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.

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Understanding investor demand for government securities

The investor base for government securities has evolved significantly over time. Today, a wide range of individual and institutional investors buy and sell government bonds and bills with different motivations. In addition, new technologies in finance have had substantial implications for primary and secondary government debt markets. This chapter looks at the evolving structure of the investor base in addition to the role of investor base information in public debt management.

English

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