Principles and Trade-Offs when Making Issuance Choices in the UK
AbstractThis paper sets out: (i) the principles underpinning debt management policy in the UK; (ii) the key factors influencing annual issuance decisions; and (iii) how some of those factors require judgements to be made in determining appropriate trade-offs. Key factors influencing annual issuance decisions are determined in accordance with the debt management objective. As part of this assessment the UK Government undertakes an analysis of the demand conditions in the gilt market and implications for the cost of issuance. Other factors such as market management and portfolio diversification considerations are also taken into account as well as practical and operational issues associated with any issuance strategy...
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Bibliographic InfoPaper provided by OECD Publishing in its series OECD Working Papers on Sovereign Borrowing and Public Debt Management with number 2.
Date of creation: 30 Sep 2011
Date of revision:
liquidity; risk management; yield curve; debt management principles; portfolio diversification; trade-offs and issuance choices; Annual issuance program;
Find related papers by JEL classification:
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
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