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.



Transparency of public debt: Statistics, operations and policies

Drawing on the work of the OECD Task Force on Transparency of Debt Statistics, Operations and Policies, this chapter examines growing importance of transparency for public debt management and the benefits that increased transparency can bring. Enhanced transparency of strategies, operations and policies for public debt management reduces investor uncertainty, thereby increasing the attractiveness of government bond markets. This in turns broadens the investor base, lowers risk premiums and decreases borrowing costs. The chapter focuses on six areas – indicators and measures for central government debt; gross borrowing measures; indicators and measures for public debt management strategies; methods for duration and maturity calculations; and measures for roll-over risk – and offers concrete recommendations to those managing government debt.



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