Foreword

The 2016 edition of the OECD Sovereign Borrowing Outlook provides data, information and background on sovereign borrowing needs and discusses funding strategies and debt management policies for OECD countries and the OECD area, including:

  • 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.

  • Impact of new regulations on primary market operations.

  • Liquidity in secondary markets.

  • Transparency of public debt statistics, operations and policies.

Each year, the OECD’s Bond Market and Public Debt Management Unit circulates a survey on the borrowing needs of OECD governments. The responses are compiled and incorporated into the OECD Sovereign Borrowing Outlook to provide 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 (e.g. long-term, short-term, nominal, indexed, etc.) and which distribution channels (auctions, tap, syndication, etc.) are being used.

Comments and questions should be addressed to the Bond Markets and Public Debt Management Unit (e-mail: [email protected]). Find out more about OECD work on bond markets and public debt management online at www.oecd.org/finance/public-debt/.