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:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
|
| Schriftenreihe: | OECD Working Papers on Sovereign Borrowing and Public Debt Management
no.5 |
| Schlagworte: | |
| Online-Zugang: | DE-863 |
| 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. |
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| spelling | Blommestein, Hans J... VerfasserIn 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. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Working Papers on Sovereign Borrowing and Public Debt Management no.5 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 MitwirkendeR ctb Ejsing, Jacob Wellendorph MitwirkendeR ctb |
| 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_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 |
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