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OECD Sovereign Borrowing Outlook 2023

image of OECD Sovereign Borrowing Outlook 2023

This edition of the OECD Sovereign Borrowing Outlook analyses the impact of increased macroeconomic and geopolitical uncertainty on sovereign borrowing needs and borrowing conditions. It provides outstanding debt amounts from 2007 to 2022, along with 2023 projections for OECD member countries. It also reviews sovereign debt issuance trends in emerging markets and developing economies. This edition continues to explore the perspective of public debt managers on sustainable bonds, with a focus on reporting requirements and performance of these bonds in markets. It also provides recommendations for sovereign debt management offices on how best to develop and implement buyback programmes.

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Sovereign sustainable bonds: Issuance trends and practices

The sovereign sustainable bond market is evolving, with new issuers and new approaches such as sustainability-linked and transition bonds. The years running up to 2022 saw a marked increase in the pace of sovereign sustainable bond issuance. After declining in 2022, issuance activities in the first four months of 2023 indicate a strong rebound. The long-term future of this market depends on a variety of demand- and supply-side factors, including continuity of strong investor demand and simplification and standardisation across the bond lifecycle, from issuance procedures to impact reporting.Drawing on a wealth of data sources including a recent survey of issuers, this chapter delves into trends, benefits, and challenges associated with sovereign issuance of sustainable bonds, and presents country practices that can assist sovereign issuers in their efforts to meet those challenges.

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