OECD Sovereign Borrowing Outlook 2016

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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; the impact of new regulations on primary market operations; liquidity in secondary markets; and the transparency of public debt statistics, operations and policies.



Primary market developments for government bonds

This chapter discusses the functioning of primary markets, in particular by providing an overview of recent changes in issuing strategies, procedures and techniques, in response to regulatory changes and their impacts on issuance. Some of these changes, while understandable, might pose new challenges for debt managers. To the extent that debt managers are becoming more opportunistic, issuance programmes will be less predictable. That situation may not be desirable in the longer term. Debt management offices (DMOs) emphasize therefore that they aim at using a transparent debt management framework, supported by a strong communication policy. In this context, some DMOs took concrete steps to increase the predictability and transparency of their primary market operations.



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