Debt Management and Government Securities Markets in the 21st Century [electronic resource] /
Organisation for Economic Co-operation and Development.
Organisation for Economic Co operation and DevelopmentContent Provider
Organisation for Economic Co-operation and DevelopmentContent Provider
Paris : OECD Publishing,
2002.
Debt Management and Government Securities Markets in the 21st Century reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets. Over the years, OECD debt managers have developed best practices for raising, managing and retiring debt at the lowest possible price and acceptable risk, largely in the presence of persistent large deficits. New techniques have been developed to cope with the adverse consequences of running surpluses (pricing anomalies and lower liquidity in traditional benchmark markets). This report analyses the impact of advanced electronic systems on primary and secondary markets. In the future, sophisticated electronic auction systems will enable institutional investors to bid directly in auctions, thereby by-passing primary dealers. Electronic trading systems will inevitably reshape secondary fixed-income markets. Underlying these challenges is the growing number of OECD sovereign issuers granting greater independence to debt management operations, accompanied by an increased emphasis on risk assessment and risk management. The report also addresses the introduction of new instruments (index-linked bonds and derivatives), as well as policies related to investor relations.
Description based upon print version of record.
Foreword; Table of Contents; Chapter 1. Overview of Trends and Recent Changes in the Structure of OECD Public Debt...; Chapter 2. Overview of Policy Objectives and Characteristics of Public Debt and Debt Holdings; Chapter 3. Experience with Index-linked Bonds in OECD Countries; Chapter 4. Electronic Issuance and the Future of Primary Dealer Systems; Chapter 5. The Impact of Electronic Systems on Secondary Markets; Chapter 6. The Role and Structure of Debt Management Offices; Chapter 7. Risk Management Practices Concerning Assets and Liabilities of Debt Managers...
Chapter 8. Investor Relations and Information Policy by OECD SovereignsChapter 9. Challenges for Debt Management in Emerging Bond Markets
Includes bibliographical references.
Debt Management and Government Securities Markets in the 21st Century reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets. Over the years, OECD debt managers have developed best practices for raising, managing and retiring debt at the lowest possible price and acceptable risk, largely in the presence of persistent large deficits. New techniques have been developed to cope with the adverse consequences of running surpluses (pricing anomalies and lower liquidity in traditional benchmark markets). This report analyses the impact of advanced electronic systems on primary and secondary markets. In the future, sophisticated electronic auction systems will enable institutional investors to bid directly in auctions, thereby by-passing primary dealers. Electronic trading systems will inevitably reshape secondary fixed-income markets. Underlying these challenges is the growing number of OECD sovereign issuers granting greater independence to debt management operations, accompanied by an increased emphasis on risk assessment and risk management. The report also addresses the introduction of new instruments (index-linked bonds and derivatives), as well as policies related to investor relations.
Debts, Public
Government securities
Economics Public Debt