## Sovereign Investor Relations: From Principles to Practice

_IMF Working Papers, September 18, 2020_

## Source details

**Canonical URL:** [Sovereign Investor Relations: From Principles to Practice](https://www.imf.org/en/publications/wp/issues/2020/09/25/sovereign-investor-relations-from-principles-to-practice-49720)

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## Bibliographic details
- Authors: James Knight, Bill Northfield
- Published: September 18, 2020
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513556369.001

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### Overview
- 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

### Key findings
- 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.

### Policy framework and institutional arrangements
- 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.

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

### Subjects and keywords (as listed)
- 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

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## Content in this bundle

- **Working Paper**
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  - [Working Paper (PDF)](/-/media/files/publications/wp/2020/english/wpiea2020204-print-pdf.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/wp/issues/2020/09/25/sovereign-investor-relations-from-principles-to-practice-49720_