OECD Sovereign
Borrowing Outlook
2018
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Please cite this publication as:
OECD (2018),
OECD Sovereign Borrowing Outlook 2018
, OECD Publishing, Paris.
http://dx.doi/10.1787/sov_b_outlk-2018-en
ISBN 978-92-64-29259-8 (print)
ISBN 978-92-64-29260-4 (PDF)
Series: OECD Sovereign Borrowing Outlook
ISSN 2306-0468 (print)
ISSN 2306-0476 (online)
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OECD 2018
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FOREWORD
OECD SOVEREIGN BORROWING OUTLOOK 2018OECD 20183
Foreword
The 2018 edition of the OECD Sovereign Borrowing Outlook provides data,
information and background on sovereign borrowing needs and discusses funding
strategies and debt management policies for the OECD area and country groupings,
including:
Gross borrowing requirements
Net borrowing requirements
Central government marketable debt
Interactions between fiscal policy, public debt management and monetary
policy
Funding strategies, procedures and instruments
Overview of contingency funding plans including liquidity buffer practices
Alternative approaches to sovereign borrowing
Liquidity in sovereign bond markets
Each year, the OECD’s Bond Market and Public Debt Management Unit circulates a
survey on the borrowing needs of member governments. Responses are incorporated into
the OECD Sovereign Borrowing Outlook to provide an update on trends and
developments associated with sovereign borrowing requirements, funding strategies,
market infrastructure and debt levels from the perspective of public debt managers. The
Outlook makes a policy distinction between funding strategy and borrowing
requirements. Central government marketable gross borrowing needs, or requirements,
are calculated on the basis of budget deficits and redemptions. Funding strategy entails
decisions on how borrowing needs are going to be financed using different instruments
(e.g. long-term, short-term, nominal, indexed, etc.) and which distribution channels
(auctions, tap, syndication, etc.) will be used.
Comments and questions should be addressed to the Bond Markets and Public Debt
Management Unit within the Financial Affairs Division of the OECD Directorate for
Financial and Enterprise Affairs (e-mail: Publicdebt@oecd). Find out more about
the Bond Markets and Public Debt Management Unit online at
oecd/finance/public-debt/.。