{
  "title": "A Primer on Sovereign Debt Buybacks and Swaps",
  "publication": "IMF Working Papers, March 1, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/index.md",
  "summary": "This 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.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Sets forth basic principles to help debt managers in emerging market and other countries plan and implement sovereign debt buyback and swap operations.\n- Discusses:\n  - the macroeconomic context in which buybacks and swaps are undertaken,\n  - the objectives of buybacks and swaps,\n  - the analytical framework for deciding whether to undertake a particular buyback or swap operation and for selecting among alternative operations,\n  - key issues in determining the strategy for executing buybacks and swaps.\n- Focuses on developing the analytical framework for evaluating sovereign debt buyback and swap operations because very little work has been done in this area.\n- Presents a step-wise decision-making procedure in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles."
    },
    {
      "heading": "Analytical framework and evaluation tools",
      "content": "- Advocates a step-wise decision-making procedure for buybacks and swaps.\n- Central analytical tools:\n  - discounted cash flow analysis,\n  - strategic benchmarks for the debt.\n- Emphasizes selection among alternative operations based on the analytical framework."
    },
    {
      "heading": "Objectives and macroeconomic context",
      "content": "- Identifies objectives of buybacks and swaps as part of sovereign debt management (text describes objectives without enumerating them in the source).\n- Situates operations within the macroeconomic context in which they are undertaken (text describes context without enumerating specific macro variables in the source)."
    },
    {
      "heading": "Strategy and execution considerations",
      "content": "- Discusses key issues in determining strategy for executing buybacks and swaps (text notes strategy determination and execution considerations without listing specific tactical steps in the source).\n\n---\n\n Content in this bundle\n\n- wp0758 - Box 1: Risks Encountered in Sovereign Debt Management\n  - wp0758 - Box 1: Risks Encountered in Sovereign Debt Management (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0758 - Box 1: Risks Encountered in Sovereign Debt Management (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/bundle-manifest.json)",
    "Authors: Magdalena Polan, Parmeshwar Ramlogan, Carlos I. Medeiros",
    "Published: March 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451866223.001",
    "Sets forth basic principles to help debt managers in emerging market and other countries plan and implement sovereign debt buyback and swap operations.",
    "Discusses:",
    "Focuses on developing the analytical framework for evaluating sovereign debt buyback and swap operations because very little work has been done in this area.",
    "Presents a step-wise decision-making procedure in which discounted cash flow analysis and the use of strategic benchmarks for the debt play central roles.",
    "Advocates a step-wise decision-making procedure for buybacks and swaps.",
    "Central analytical tools:",
    "Emphasizes selection among alternative operations based on the analytical framework.",
    "Identifies objectives of buybacks and swaps as part of sovereign debt management (text describes objectives without enumerating them in the source).",
    "Situates operations within the macroeconomic context in which they are undertaken (text describes context without enumerating specific macro variables in the source).",
    "Discusses key issues in determining strategy for executing buybacks and swaps (text notes strategy determination and execution considerations without listing specific tactical steps in the source).",
    "**_wp0758 - Box 1: Risks Encountered in Sovereign Debt Management**"
  ],
  "related": [
    {
      "title": "_wp0758 - Box 1: Risks Encountered in Sovereign Debt Management",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2007/_wp0758.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2007/_wp0758.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2007/_wp0758.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/a-primer-on-sovereign-debt-buybacks-and-swaps-20529/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T08:35:09.935Z"
}