Foreword
The 2019 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 the OECD area and country groupings, including:
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Gross borrowing requirements
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Net borrowing requirements
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Central government marketable debt
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Liquidity in sovereign bond markets
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The importance of understanding the investor base
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Dealing with public debt management under stressed market conditions
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Recent experiences in Greece, Iceland, Ireland and Portugal
The information in this publication is based on responses received to an annual survey on the borrowing needs of OECD governments circulated by the OECD’s Bond Market and Public Debt Management Unit. This includes an update 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. Central government marketable gross borrowing needs, or requirements, are calculated on the basis of budget deficits and redemptions. 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.) will be used.
Comments and questions should be addressed to the Bond Markets and Public Debt Management Unit within the Insurance, Private Pensions and Financial Markets Division of the OECD Directorate for Financial and Enterprise Affairs (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/.