Debt management and government securities markets in the 21st century
By: OECD.
Contributors: Organisation for Economic Co-operation and Development.
Publisher: OECD, Organisation for Economic Co-operation and Development
Published: 2002
Place of publication: Paris, France
Language: eng
Number of pages: 193
Subjects: Debts, Public -- OECD countries.; Government securities -- OECD countries.
Description: 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.
Notes: Includes bibliographical references.