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OECD Sovereign Borrowing Outlook 2013
OECD Publishing , Publication date:  27 Feb 2013
Pages: 148 , Language: English
Version: E-book (PDF Format)
ISBN: 9789264189195 , OECD Code: 202013011E1
Price:   €27 | $37 | £24 | ¥3500 | MXN490
Availability: Available
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Superseded by: OECD Sovereign Borrowing Outlook 2014 - (Available)
Other Versions:  Print - Paperback

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Frequency: Annual   Tables: 34  Charts: 84 


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.

Table of contents:

Executive summary
Chapter 1. Sovereign borrowing overview

-1.1. A highly uncertain issuance environment with low levels of confidence but mixed signals on volatility
-1.2. Evolution of budget deficits, sovereign borrowing and debt
-1.3. Summary overview of the borrowing outlook for OECD country groupings
-1.4. The challenge of raising large volumes of funds with acceptable roll-over risk
-1.5. Funding strategy during periods of fiscal dominance and fiscal consolidation
-1.6. Central government debt at a glance
Chapter 2. Outlook for sovereign stress
-2.1. Concerns about sovereign stress continue to create major challenges for government borrowing operations
-2.2. Safe assets, the risk-free rate and sovereign risk
-2.3. Mispricing of sovereign risk?
-2.4. European sovereign debt markets under stress
-2.5. Demand for and supply of safe sovereign assets
-2.6. Destabilising dynamics of government securities markets: Fundamentals versus mood shifts?
Chapter 3. Debt management in the macro spotlight
-3.1. Complex interactions between sovereign debt management, fiscal policy and monetary policy under fiscal dominance and financial instability
-3.2. Challenges of unconventional monetary policy for public debt management
-3.3. Debt management considerations during periods of fiscal dominance and fiscal consolidation
Chapter 4. Challenges in primary markets
-4.1. Changes in issuance procedures, techniques and instruments
-4.2. Primary dealer models under stress?
Chapter 5. Structural changes in the investor base for government securities
-5.1. Why is the investor base changing? .
-5.2. Higher degree of home bias?
-5.3. How important is the role of central banks as investor?
-5.4. Asset allocations of foreign exchange reserves and impact on government debtmarkets
-5.5. Conclusions
Chapter 6. Buybacks and exchanges
-6.1. Introduction on buyback and exchange operations
-6.2. Survey results on debt buybacks and exchange practices
-Annex A. Methods and sources
-Annex B. Sovereign debt restructuring in Greece

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