Amendments to the Guidelines for Public Debt Management
November 25, 2003

Guidelines for Public Debt Management
March 21, 2002

Publications on public debt


Guidelines for Public Debt Management:
Accompanying Document and Selected Case Studies
 

August 4, 2003


  2003 International Monetary Fund

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Prepared by the Staffs of the
International Monetary Fund and the World Bank



37k pdf file Foreword
Acknowledgments
37k pdf file Glossary and List of Abbreviations
39k pdf file

Executive Summary


PART I: IMPLEMENTING THE GUIDELINES IN PRACTICE
149k pdf file

1  

Introduction
    What Is Public Debt Management and Why Is It Important?
   

Purpose of the Guidelines

2  

Lessons from the Country Case Studies

    Debt Management Objectives and Coordination
    Transparency and Accountability
    Institutional Framework
    Debt Management Strategy
    Risk Management Framework
    Developing and Maintaining an Efficient Market for Government Securities

PART II: COUNTRY CASE STUDIES
848k pdf file
1   Brazil
2   Colombia
3   Denmark
4   India
5   Ireland
6   Italy

7  

Jamaica
8   Japan
9   Mexico
10   Morocco
11   New Zealand
12   Poland
13   Portugal
14   Slovenia
15   South Africa
16   Sweden
17   United Kingdom
18   United States of America

Appendix: Summary of the Debt Management Guidelines
49k pdf file


Tables
I.1.  

Selected Macroeconomic and Financial Indicators for Case Study Countries in 2001

I.2.   Survey of Debt Management Practices
II.1.1.   Number of Series Outstanding
II.1.2.   Internet Sales
II.15.1.   Management of Risk
II.17.1.   Details of the Debt Portfolio at December 31, 2001
II.17.2.   Distribution of Gilt Holdings as of end-December 2001
II.17.3.   Changing Levels of Debt
II.17.4.   April 2002 Public Borrowing Requirement Forecasts for the Central Government Net Cash Requirement
Figures
II.1.1.   Assets and Liabilities Imbalances, December 2001
II.1.2.   Average Maturity—Auction Issued Debt
II.1.3.   Percentage of Central Government Internal Debt Maturing in 12 Months
II.1.4.   Maximum Maturity at Issuance—Fixed-Rate Securities (LTN), in Months
II.1.5.   Maximum Maturity at Issuance—Floating-Rate Securities (LFT), in Months
II.1.6.   Debt Composition per Index
II.1.7.   Foreign Bond Issuance in the International Capital Market
II.1.8.   External Bonded Debt—Federal Government
II.1.9.   Yield Curve—NTN-C
II.1.10. Yield Curve—LTN
II.9.1.   Public Debt Evolution, 1971–2001
II.9.2.   Internal Debt Composition by Type of Instrument
II.9.3.   Amortization Profile of Domestic Debt (year end)
II.9.4.   Ratio of Net Public External Debt to Total Export
II.9.5.   Federal Government External Debt Amortization Profile, as of September 30, 2001
II.9.6.   Agencies External Debt Amortization Profile, as of September 30, 2001
II.9.7.   Percentage of Public External Debt
II.9.8.   Average Life
II.9.9.   Evolution of the Interest Rate Curve
II.9.10. Secondary Market Trading of Bonos
II.9.11. UMS Market External Debt Issuance, 1996–2002
II.9.12. UMS Dollar Yield Curve
II.16.1. Central Government Debt, 1990–2001
II.16.2. Bond Issuance and Swap Volumes, 1996–2001
II.16.3. Maturity Profile for Nominal Bonds, December 2001
II.16.4. Maturity Profile for Treasury Bills, December
II.17.1. Composition of Debt Stock
Box
I.1.   Applying the Guidelines to the HIPCs