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OECD Sovereign Borrowing Outlook 2014

image of OECD Sovereign Borrowing Outlook 2014

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.

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Executive summary

Government securities issuers are grappling with concerns about increased market and liquidity risks, higher long-term interest rates and obstacles to global economic growth. There are questions about when, how fast and how central banks will begin to exit from unconventional monetary policy (UMP) programmes. Issuance is complicated in countries where large public deficits and very high debt ratios have not begun to decline, since the huge legacy of public debt continues to expose governments to potential shifts in confidence when credible medium-term fiscal consolidation plans are not in place. There are concerns over legacy risks from incomplete financial sector reforms and the possible adverse impact on market liquidity of (pending) new regulations. In response, many debt management offices (DMOs) have had to adjust their issuance strategies and sales procedures. Some have also introduced new debt instruments, or are planning to do so.

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