OECD Sovereign Borrowing Outlook 2020
The OECD Sovereign Borrowing Outlook provides regular updates 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. The central
government marketable gross borrowing needs, or requirements, are calculated on the
basis of budget deficits and redemptions. The funding strategy entails decisions on
how borrowing needs are going to be financed using different instruments and which
distribution channels are being used.
This edition reviews developments in response to the COVID-19 pandemic for government
borrowing needs, funding conditions and funding strategies in the OECD area, updating
2020 estimates released prior to the outbreak. It examines debt issuance trends for
government securities in emerging market and developing economies since 2020, and
presents novel insights on the impact of the COVID-19 pandemic on issuance conditions
in these economies. It then discusses how debt management offices can adapt their
governance practices to prioritise and deal with the aggravated operational and market
risks presented by the COVID-19 crisis.
Available from July 29, 2020
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