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Managing Sovereign Debt Risk (MSDR)

Financial Sector Policies

This course, presented by the Monetary and Capital Markets Department, is intended to strengthen participants capacity to manage sovereign debt risk and broaden their awareness of the costs and risks of new debt instruments when preparing a debt management strategy. Emphasis is placed on the challenges that debt managers face in debt market development, including in the primary and secondary bond markets. These issues are discussed in the context of important changes in global debt markets and the macroeconomic environment. The course combines case studies and hands-on exercises to give practical relevance to the theory presented. The following topics are considered:

  • a framework for the identification and management of sovereign debt risks;
  • accounting for the broader public debt portfolio, including public private partnerships (PPPs) and contingent liabilities;
  • new debt instruments and their features, including cost-risk characteristics;
  • measuring currency, interest rate and refinancing risks;
  • evaluating the resilience of the debt portfolio to external and market shocks;
  • utilizing sound medium-term debt management strategy to effectively manage risk; and
  • issuance strategies that promote debt market development.
Read More Topic : Financial Sector Policies

    Target Audience

    Mid-level to senior debt managers, central bankers, and officials with policy and operational responsibilities relating to monitoring and managing sovereign liabilities, debt, and the development and functioning of domestic debt markets.

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    Participants are expected to have a degree in economics or finance. A background in accounting and finance, along with familiarity with debt management, debt market operations, and debt sustainability analysis, is desirable.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Identify the building blocks for a framework for sovereign debt risk management, including objectives and identification of risks and accountability.
    • Identify good principles for stress testing a sovereign debt portfolio and monitoring sovereign risk.
    • Measure key portfolio risks, including currency, interest rate, and refinancing exposures.
    • Describe technical and implementation aspects of developing a medium-term debt management strategy.
    • Formulate debt issuance strategies taking account of the link between debt management and debt sustainability analysis.
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