The challenging issuance climate and uncertainty about future borrowing requirements have prompted several debt management offices (DMOs) to pursue more flexible issuance strategies, said Jens Thomsen, a member of the National Bank of Denmark's board of governors.

Thomsen said this had included issuance in government securities outside key on-the-run issues and use of various loan programmes, including Commercial Paper and European-Medium-Term-Notes programmes. He said DMOs had also introduced