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Principles and Trade-Offs when Making Issuance Choices in the UK

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  • OECD

Abstract

This 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...

Suggested Citation

  • Oecd, 2011. "Principles and Trade-Offs when Making Issuance Choices in the UK," OECD Working Papers on Sovereign Borrowing and Public Debt Management 2, OECD Publishing.
    • Handle: RePEc:oec:dafaaf:2-en
    DOI: 10.1787/5k9gz2mmx0vh-en
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    Cited by:

    1. Hans J. Blommestein & Anja Hubig, 2012. "A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management," OECD Working Papers on Sovereign Borrowing and Public Debt Management 4, OECD Publishing.
    2. Hans J Blommestein & Anja Hubig, 2012. "Is the standard micro portfolio approach to sovereign debt management still appropriate?," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 141-155, Bank for International Settlements.

    More about this item

    Keywords

    Annual issuance program; debt management principles; liquidity; portfolio diversification; risk management; trade-offs and issuance choices; yield curve;
    All these keywords.

    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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