OECD sovereign borrowing outlook 2009:
Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 20...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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OECD Publishing
2009
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| Online-Zugang: | DE-863 |
| Zusammenfassung: | Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. The key policy issue is how to raise smoothly new funds at low cost, while also managing a rapidly growing debt stock. For the time being, several factors are offsetting the trend towards higher yields. But the risk is that when the recovery gains traction and risk aversion falls, yields will start to rise. There are already signs that issuance conditions are becoming tougher with reports of weaker demand at some recent government bond auncts. Thus far, these less successful auctions can best be interpreted as "single market events" and not as unambiguous evidence of systemic market absorption problems. Also from this perspective lowering OECD sovereign ratings is not obvious. The future could become more challenging, given that rising issuance is occurring in tandem with increasing overall debt levels. Also contingent debt is on the rise. In response, sovereign debt managers have begun to plan or implement credible medium-terms exit strategies to avoid future "crowding out" and issuance problems. Although fund raising strategies have become more flexible and somewhat more opportunistic, OECD debt management framework so as to minimise medium-term borrowing costs. The other key challenge, roll-over risk as a result of the increasing use of short-term instruments, is being addressed by OECD debt managers by rebalancing the profile of their issuance programmes by incorporating more long-term instruments. |
| Beschreibung: | 1 Online-Ressource (9 Seiten) |
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| 520 | |a Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. The key policy issue is how to raise smoothly new funds at low cost, while also managing a rapidly growing debt stock. For the time being, several factors are offsetting the trend towards higher yields. But the risk is that when the recovery gains traction and risk aversion falls, yields will start to rise. There are already signs that issuance conditions are becoming tougher with reports of weaker demand at some recent government bond auncts. Thus far, these less successful auctions can best be interpreted as "single market events" and not as unambiguous evidence of systemic market absorption problems. Also from this perspective lowering OECD sovereign ratings is not obvious. The future could become more challenging, given that rising issuance is occurring in tandem with increasing overall debt levels. Also contingent debt is on the rise. In response, sovereign debt managers have begun to plan or implement credible medium-terms exit strategies to avoid future "crowding out" and issuance problems. Although fund raising strategies have become more flexible and somewhat more opportunistic, OECD debt management framework so as to minimise medium-term borrowing costs. The other key challenge, roll-over risk as a result of the increasing use of short-term instruments, is being addressed by OECD debt managers by rebalancing the profile of their issuance programmes by incorporating more long-term instruments. | ||
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| spelling | Blommestein, Hans J... VerfasserIn aut OECD sovereign borrowing outlook 2009 Hans J., Blommestein and Arzu, Gok Paris OECD Publishing 2009 1 Online-Ressource (9 Seiten) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Many OECD governments are facing unprecedented challenges in the markets for bonds and bills, as a result of the explosive growth in their borrowing needs. Amidst an unusually uncertain economic outlook, the gross borrowing needs of OECD governments are expected to reach almost USD 12 trillion in 2009. The key policy issue is how to raise smoothly new funds at low cost, while also managing a rapidly growing debt stock. For the time being, several factors are offsetting the trend towards higher yields. But the risk is that when the recovery gains traction and risk aversion falls, yields will start to rise. There are already signs that issuance conditions are becoming tougher with reports of weaker demand at some recent government bond auncts. Thus far, these less successful auctions can best be interpreted as "single market events" and not as unambiguous evidence of systemic market absorption problems. Also from this perspective lowering OECD sovereign ratings is not obvious. The future could become more challenging, given that rising issuance is occurring in tandem with increasing overall debt levels. Also contingent debt is on the rise. In response, sovereign debt managers have begun to plan or implement credible medium-terms exit strategies to avoid future "crowding out" and issuance problems. Although fund raising strategies have become more flexible and somewhat more opportunistic, OECD debt management framework so as to minimise medium-term borrowing costs. The other key challenge, roll-over risk as a result of the increasing use of short-term instruments, is being addressed by OECD debt managers by rebalancing the profile of their issuance programmes by incorporating more long-term instruments. Finance and Investment Gok, Arzu MitwirkendeR ctb Enthalten in OECD Journal: Financial Market Trends Vol. 2009, no. 1, p. 187-195 volume:2009 year:2009 number:1 pages:187-195 |
| spellingShingle | Blommestein, Hans J.. OECD sovereign borrowing outlook 2009 Finance and Investment |
| title | OECD sovereign borrowing outlook 2009 |
| title_auth | OECD sovereign borrowing outlook 2009 |
| title_exact_search | OECD sovereign borrowing outlook 2009 |
| title_full | OECD sovereign borrowing outlook 2009 Hans J., Blommestein and Arzu, Gok |
| title_fullStr | OECD sovereign borrowing outlook 2009 Hans J., Blommestein and Arzu, Gok |
| title_full_unstemmed | OECD sovereign borrowing outlook 2009 Hans J., Blommestein and Arzu, Gok |
| title_short | OECD sovereign borrowing outlook 2009 |
| title_sort | oecd sovereign borrowing outlook 2009 |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
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