Responding to the crisis: Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems
Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and procedures...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch Artikel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and procedures. The crisis also had an impact on the use of indicators or guidelines relating to the key risks of the maturity structure of issuance or outstanding debt. Although OECD issuance procedures are likely to differ considerably at the level of technical standards and detailed institutional arrangements, increased integration of global financial markets has encouraged the standardisation of financial instruments and convergence of general issuance procedures. As a result, OECD issuance policies and procedures are broadly similar with a high degree of transparency and predictability. However, in response to tougher issuance conditions, DMOs have implemented changes in existing issuance procedures and policies that may have led to a somewhat greater diversity of primary market arrangements and procedures. The paper also reviews strategies and indicators for the management of the debt portfolio. Although issuance procedures and targets for portfolio management may have become somewhat more opportunistic in some jurisdictions, debt managers continue to emphasise the importance of transparency and predictability. |
| Beschreibung: | 1 Online-Ressource (17 p.) |
| DOI: | 10.1787/fmt-v2009-art21-en |
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| spelling | Blommestein, Hans J... VerfasserIn aut Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems Hans J., Blommestein Paris OECD Publishing 2010 1 Online-Ressource (17 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Tougher issuance conditions related to the surge in government borrowing needs are the reasons why issuance arrangements have not always been working as efficiently as before the crisis. This prompted debt management offices (DMOs) in the OECD area to review existing issuance policies and procedures. The crisis also had an impact on the use of indicators or guidelines relating to the key risks of the maturity structure of issuance or outstanding debt. Although OECD issuance procedures are likely to differ considerably at the level of technical standards and detailed institutional arrangements, increased integration of global financial markets has encouraged the standardisation of financial instruments and convergence of general issuance procedures. As a result, OECD issuance policies and procedures are broadly similar with a high degree of transparency and predictability. However, in response to tougher issuance conditions, DMOs have implemented changes in existing issuance procedures and policies that may have led to a somewhat greater diversity of primary market arrangements and procedures. The paper also reviews strategies and indicators for the management of the debt portfolio. Although issuance procedures and targets for portfolio management may have become somewhat more opportunistic in some jurisdictions, debt managers continue to emphasise the importance of transparency and predictability. Finance and Investment Enthalten in OECD Journal: Financial Market Trends Vol. 2009, no. 2, p. 191-206 volume:2009 year:2009 number:2 pages:191-206 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fmt-v2009-art21-en Volltext |
| spellingShingle | Blommestein, Hans J.. Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems Finance and Investment |
| title | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems |
| title_auth | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems |
| title_exact_search | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems |
| title_full | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems Hans J., Blommestein |
| title_fullStr | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems Hans J., Blommestein |
| title_full_unstemmed | Responding to the crisis Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems Hans J., Blommestein |
| title_short | Responding to the crisis |
| title_sort | responding to the crisis changes in oecd government debt issuance procedures portfolio management and primary dealer systems |
| title_sub | Changes in OECD government debt issuance procedures, portfolio management and primary dealer systems |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/fmt-v2009-art21-en |
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