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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
Organised in Paris back-to-back with the 18th Annual OECD Global Forum on Public Debt Management, discussions focused on an exchange of information on ongoing activities regarding African Public Debt Management and Bond Markets.
The meeting took place in Paris back-to-back with the forum on African Public Debt Management, discussions focussed on sovereign asset liability management, the use of short-term government paper and regional roundtables on challenges and opportunities for issuers in view of the credit/liquidity crisis.
This publication reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets.