Debt Management
A primer on sovereign debt buybacks and swaps
This IMF Working Paper sets forth some basic principles that could help debt managers in emerging market and other countries to plan and implement sovereign debt buyback and swap operations.
How a free debt manager will free Indian cb
According to an article from The Economic Times, published Wednesday 7 March, once an independent DMO comes into existence in India, management of both internal and external debt is expected to move away from the central bank.
Paper on debt sustainability assessment
According to the Working Paper "Debt sustainability assessment: The IMF approach and alternatives" by Charles Wyplosz of the Graduate Institute of International Studies, debt sustainability is an essential attribute of good macroeconomic policies but its…
IMF's Portugal at the Debt Managers Conference
In a speech at a Debt Managers Conference given on 8 February Murilo Portugal of the IMF said debt managers have very successfully taken advantage of market opportunities to improve the structure of their debt portfolios.
The use of mortgage covered bonds
According to this IMF Working Paper, the rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns.
Zambia converting debt into marketable securities
The Zambian government has converted part of its long term debt owed to the Bank of Zambia (BoZ) into short-to-medium term marketable government securities in a move to boost the central bank's scope for liquidity management in the economy, the Times of…
Bond curve inversion no longer signals recession
According to this article from Reuters, published Thursday 16 November, the inverted yield curve is no longer seen as an accurate predictor of slowing growth or recession ahead.
NY Fed to change Treasury holdings cap
The Federal Reserve Bank of New York said on Monday 13 November it was changing the limits on its holdings of U.S. Treasury securities in its portfolio.
Asian bond markets: issues and prospects
The BIS published papers on Monday 7 November presented at a BIS/Korea University conference of central bankers, scholars and market participants held in Seoul on 21-23 March 2004.
Mboweni on the South African bond market
In the speech 'Celebrating excellence in the South African bond market' given on 26 October Tito Mboweni of the South African Reserve Bank said South Africa's solid fundamentals support economic growth, but the country remains vulnerable to changes in…
Bond markets as conduits for capital flows
The IMF Working Paper "Bond markets as conduits for capital flows: How does Asia compare?" finds that Europe is more financially integrated than other regions, while Asia already seems to have made more progress on this front than Latin America and other…
Mongolia's central bank proposes Citi, ING
Mongolia's central bank has nominated Citigroup and ING to underwrite the country's first global sovereign bond, central bank governor O. Chuluunbat told Reuters on Wednesday 11 October.
SF Fed paper on sovereign debt crises
The Federal Reserve Bank of San Francisco Working Paper "Sovereign debt crises and credit to the private sector" argues that, through its effect on aggregate demand and country risk premia, sovereign debt restructuring can adversely affect the private…
BIS paper on risk and liquidity in system context
This BIS Working Paper explores the pricing of debt in a financial system where the assets that borrowers hold to meet their obligations include claims against other borrowers.
New external debt statistics released
The BIS, IMF, OECD and the World Bank have released improved debt statistics.
IMF paper on debt in emerging market crises
The IMF Working Paper "The level and composition of public sector debt in emerging market crises" examines the evolution of public sector debt levels and structures in 12 emerging market countries around the time of financial crises.
ECB paper on the European corporate bond market
The ECB Occasional Paper "Implications for liquidity from innovation and transparency in the European corporate bond market" offers a new framework for the assessment of financial market liquidity and identifies two types: search liquidity and systemic…
Paper on European and US sovereign bond markets
The Research Technical Paper "An empirical analysis of transparency-related characteristics of European and US sovereign bond markets" from the Central Bank & Financial Services Authority of Ireland examines transparency-related characteristics of…
IMF paper on lending resumption after default
The IMF Working Paper "Lending resumption after default: Lessons from capital markets during the 19th century" mines the experience of capital markets during the 19th century to propose an alternative way of interpreting international default episodes.
Comment: Transparency in EU bond markets
As a rule, transparency in government activities, in regulation and in financial markets is encouraged and regarded as a positive thing. But when it comes to the way governments sell bonds, the authors of a recent study suggest that increasing…
Comment: Central bank governance
Seigniorage revenues have become more important to central banks as many of these institutions are feeling the squeeze financially. How these revenues are spent depend critically on sound governance structures and independence. These are the conclusions…
Changes to RBNZ's Bond Lending Facility
In consultation with the New Zealand Debt Management Office, The Reserve Bank of New Zealand announced Friday 21 July that, as from Monday, it will make the following changes to its Bond Lending Facility.
A bond that insures against instability
According to this article published by the Financial Times on Monday 10 July, there has been increasing interest in creating bonds linked to the growth of a countrys' GDP.
RBA paper on optimal monetary policy
The RBA Discussion Paper "Optimal monetary policy with real-time signal extraction from the bond market" sets up a model where the central bank uses real-time data from the bond market together with standard macroeconomic indicators to estimate the…