Sovereign Investor Relations: From Principles to Practice

IMF Working Papers, September 18, 2020

Source details

This paper defines sovereign investor relations (IR) and places it in the context of modern debt management theory.
It highlights the role that improvements in IR and debt transparency can play in:
- improving the cost-risk tradeoff in debt management,
- supporting market access, and
- acting as a first line of defense in times of crisis.
It sets out a policy framework and institutional arrangements for effective IR, and discusses the various practices, publications and strategies that underpin an IR program.
Authors: James Knight, Bill Northfield
Date: September 18, 2020

Improvements in IR and debt transparency can improve the cost-risk tradeoff in debt management.
Strong IR supports market access.
Effective IR can act as a first line of defense in times of crisis.
The paper links sovereign IR explicitly to modern debt management theory.

Presents a policy framework for effective sovereign investor relations.
Discusses institutional arrangements necessary to operationalize the IR function.
Addresses the role of IR staff and IR strategy within public debt management.

Discusses the various practices, publications and strategies that underpin an IR program.
Emphasizes communications-related aspects of debt management and revenue administration.

Subject: Asset and liability management, Communications in revenue administration, Debt management, Debt strategy, External debt, Government debt management, Public debt, Public financial management (PFM), Revenue administration
Keywords: Communications in revenue administration, Debt management, debt manager, Debt strategy, Global, Government debt management, Government Securities Markets, investor base, Investor Relations, IR function, IR staff, IR strategy, non-resident investor, Public Debt Management, senior debt, sovereign IR, WP