Buyback and Exchange Operations: Policies, Procedures and Practices among OECD Public Debt Managers
This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as "switches") as liability management tools.Bon...
Gespeichert in:
1. Verfasser: | |
---|---|
Weitere Verfasser: | , |
Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Paris
OECD Publishing
2012
|
Schriftenreihe: | OECD Working Papers on Sovereign Borrowing and Public Debt Management
|
Schlagworte: | |
Online-Zugang: | Volltext |
Zusammenfassung: | This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as "switches") as liability management tools.Bond exchanges and buyback operations serve two main purposes. First, by reducing the outstanding amounts of bonds close to maturity, exchanges and buybacks help in reducing roll-over peaks and thus lowering refinancing risk. Second, exchanges and buybacks allow debt managers to increase the issuance of on-the-run securities above and beyond what would otherwise have been possible. The resulting more rapid build-up of new bonds enhances market liquidity of these securities. This in turn should eventually be reflected in higher bond prices. Hence, bond exchanges and buybacks are aimed at lowering refinancing risk. In addition these operations may also contribute to lower funding costs for governments |
Beschreibung: | 1 Online-Ressource (44 Seiten) 21 x 29.7cm |
DOI: | 10.1787/5k92v18rh80v-en |
Internformat
MARC
LEADER | 00000nam a2200000zc 4500 | ||
---|---|---|---|
001 | BV047936217 | ||
003 | DE-604 | ||
007 | cr|uuu---uuuuu | ||
008 | 220413s2012 xx o|||| 00||| eng d | ||
024 | 7 | |a 10.1787/5k92v18rh80v-en |2 doi | |
035 | |a (ZDB-13-SOC)06125620X | ||
035 | |a (OCoLC)1312686586 | ||
035 | |a (DE-599)BVBBV047936217 | ||
040 | |a DE-604 |b ger |e aacr | ||
041 | 0 | |a eng | |
049 | |a DE-384 |a DE-91 |a DE-473 |a DE-824 |a DE-29 |a DE-739 |a DE-355 |a DE-20 |a DE-1028 |a DE-1049 |a DE-188 |a DE-521 |a DE-861 |a DE-898 |a DE-92 |a DE-573 |a DE-19 | ||
100 | 1 | |a Blommestein, Hans J... |e Verfasser |4 aut | |
245 | 1 | 0 | |a Buyback and Exchange Operations |b Policies, Procedures and Practices among OECD Public Debt Managers |c Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing |
264 | 1 | |a Paris |b OECD Publishing |c 2012 | |
300 | |a 1 Online-Ressource (44 Seiten) |c 21 x 29.7cm | ||
336 | |b txt |2 rdacontent | ||
337 | |b c |2 rdamedia | ||
338 | |b cr |2 rdacarrier | ||
490 | 0 | |a OECD Working Papers on Sovereign Borrowing and Public Debt Management | |
520 | |a This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as "switches") as liability management tools.Bond exchanges and buyback operations serve two main purposes. First, by reducing the outstanding amounts of bonds close to maturity, exchanges and buybacks help in reducing roll-over peaks and thus lowering refinancing risk. Second, exchanges and buybacks allow debt managers to increase the issuance of on-the-run securities above and beyond what would otherwise have been possible. The resulting more rapid build-up of new bonds enhances market liquidity of these securities. This in turn should eventually be reflected in higher bond prices. Hence, bond exchanges and buybacks are aimed at lowering refinancing risk. In addition these operations may also contribute to lower funding costs for governments | ||
650 | 4 | |a Finance and Investment | |
700 | 1 | |a Elmadag, Mehmet Emre |4 ctb | |
700 | 1 | |a Ejsing, Jacob Wellendorph |4 ctb | |
856 | 4 | 0 | |u https://doi.org/10.1787/5k92v18rh80v-en |x Verlag |z kostenfrei |3 Volltext |
912 | |a ZDB-13-SOC | ||
943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033317710 |
Datensatz im Suchindex
_version_ | 1818806084494688256 |
---|---|
adam_text | |
adam_txt | |
any_adam_object | |
any_adam_object_boolean | |
author | Blommestein, Hans J.. |
author2 | Elmadag, Mehmet Emre Ejsing, Jacob Wellendorph |
author2_role | ctb ctb |
author2_variant | m e e me mee j w e jw jwe |
author_facet | Blommestein, Hans J.. Elmadag, Mehmet Emre Ejsing, Jacob Wellendorph |
author_role | aut |
author_sort | Blommestein, Hans J.. |
author_variant | h j b hj hjb |
building | Verbundindex |
bvnumber | BV047936217 |
collection | ZDB-13-SOC |
ctrlnum | (ZDB-13-SOC)06125620X (OCoLC)1312686586 (DE-599)BVBBV047936217 |
discipline | Wirtschaftswissenschaften |
discipline_str_mv | Wirtschaftswissenschaften |
doi_str_mv | 10.1787/5k92v18rh80v-en |
format | Electronic eBook |
fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nam a2200000zc 4500</leader><controlfield tag="001">BV047936217</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220413s2012 xx o|||| 00||| eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5k92v18rh80v-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-13-SOC)06125620X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1312686586</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047936217</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-384</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-1028</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-188</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-861</subfield><subfield code="a">DE-898</subfield><subfield code="a">DE-92</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-19</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Blommestein, Hans J...</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Buyback and Exchange Operations</subfield><subfield code="b">Policies, Procedures and Practices among OECD Public Debt Managers</subfield><subfield code="c">Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (44 Seiten)</subfield><subfield code="c">21 x 29.7cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Working Papers on Sovereign Borrowing and Public Debt Management</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as "switches") as liability management tools.Bond exchanges and buyback operations serve two main purposes. First, by reducing the outstanding amounts of bonds close to maturity, exchanges and buybacks help in reducing roll-over peaks and thus lowering refinancing risk. Second, exchanges and buybacks allow debt managers to increase the issuance of on-the-run securities above and beyond what would otherwise have been possible. The resulting more rapid build-up of new bonds enhances market liquidity of these securities. This in turn should eventually be reflected in higher bond prices. Hence, bond exchanges and buybacks are aimed at lowering refinancing risk. In addition these operations may also contribute to lower funding costs for governments</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Investment</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Elmadag, Mehmet Emre</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Ejsing, Jacob Wellendorph</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1787/5k92v18rh80v-en</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033317710</subfield></datafield></record></collection> |
id | DE-604.BV047936217 |
illustrated | Not Illustrated |
index_date | 2024-07-03T19:35:05Z |
indexdate | 2024-12-18T19:04:09Z |
institution | BVB |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033317710 |
oclc_num | 1312686586 |
open_access_boolean | 1 |
owner | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
owner_facet | DE-384 DE-91 DE-BY-TUM DE-473 DE-BY-UBG DE-824 DE-29 DE-739 DE-355 DE-BY-UBR DE-20 DE-1028 DE-1049 DE-188 DE-521 DE-861 DE-898 DE-BY-UBR DE-92 DE-573 DE-19 DE-BY-UBM |
physical | 1 Online-Ressource (44 Seiten) 21 x 29.7cm |
psigel | ZDB-13-SOC |
publishDate | 2012 |
publishDateSearch | 2012 |
publishDateSort | 2012 |
publisher | OECD Publishing |
record_format | marc |
series2 | OECD Working Papers on Sovereign Borrowing and Public Debt Management |
spelling | Blommestein, Hans J... Verfasser aut Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing Paris OECD Publishing 2012 1 Online-Ressource (44 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Working Papers on Sovereign Borrowing and Public Debt Management This paper reports on a survey carried out among OECD government debt managers on the use of bond buybacks and exchange operations. The survey shows that government debt managers use extensively bond buybacks and exchanges (often referred to as "switches") as liability management tools.Bond exchanges and buyback operations serve two main purposes. First, by reducing the outstanding amounts of bonds close to maturity, exchanges and buybacks help in reducing roll-over peaks and thus lowering refinancing risk. Second, exchanges and buybacks allow debt managers to increase the issuance of on-the-run securities above and beyond what would otherwise have been possible. The resulting more rapid build-up of new bonds enhances market liquidity of these securities. This in turn should eventually be reflected in higher bond prices. Hence, bond exchanges and buybacks are aimed at lowering refinancing risk. In addition these operations may also contribute to lower funding costs for governments Finance and Investment Elmadag, Mehmet Emre ctb Ejsing, Jacob Wellendorph ctb https://doi.org/10.1787/5k92v18rh80v-en Verlag kostenfrei Volltext |
spellingShingle | Blommestein, Hans J.. Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers Finance and Investment |
title | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers |
title_auth | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers |
title_exact_search | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers |
title_exact_search_txtP | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers |
title_full | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing |
title_fullStr | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing |
title_full_unstemmed | Buyback and Exchange Operations Policies, Procedures and Practices among OECD Public Debt Managers Hans J. Blommestein, Mehmet Emre Elmadag and Jacob Wellendorph Ejsing |
title_short | Buyback and Exchange Operations |
title_sort | buyback and exchange operations policies procedures and practices among oecd public debt managers |
title_sub | Policies, Procedures and Practices among OECD Public Debt Managers |
topic | Finance and Investment |
topic_facet | Finance and Investment |
url | https://doi.org/10.1787/5k92v18rh80v-en |
work_keys_str_mv | AT blommesteinhansj buybackandexchangeoperationspoliciesproceduresandpracticesamongoecdpublicdebtmanagers AT elmadagmehmetemre buybackandexchangeoperationspoliciesproceduresandpracticesamongoecdpublicdebtmanagers AT ejsingjacobwellendorph buybackandexchangeoperationspoliciesproceduresandpracticesamongoecdpublicdebtmanagers |