Medium-Term Debt Management Strategy: Analytical Tool Manual

By Emre Balibek, Tobias Haque, Diego Rivetti, Miriam Tamene

May 15, 2019

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Emre Balibek, Tobias Haque, Diego Rivetti, and Miriam Tamene. Medium-Term Debt Management Strategy: Analytical Tool Manual, (USA: International Monetary Fund, 2019) accessed September 19, 2024

Disclaimer: This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this Note are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This report provides guidance on using the Analytical Tool of the Medium-Term Debt Management Strategy (MTDS). The MTDS framework consists of a methodology, published as the ‘Guidance Note for Developing a Medium-Term Debt Management Strategy’, and an associated analytical tool (AT) that can be used to assess the cost-risk trade-offs of alternative strategies to help identify the preferred strategy. The MTDS framework supported by the AT quantitative analysis helps to determine the financing strategy. The chosen debt management strategy sets out the financing composition path to meet the debt management objective(s). The profile of future interest payments and the amortizations of new debt are driven by the debt management strategy. The MTDS AT is based on annual cash flow. Although this assumption is enough for analyzing alternative debt management strategies, in some cases, particularly for countries that are heavily dependent on short-term securities with maturities of less than a year, it would be helpful to work with cash flows with higher frequency.

Subject: Currencies, Exchange rates, External debt, Financial institutions, Foreign exchange, Government cash forecasting, Interest payments, Money, Public financial management (PFM), Securities

Keywords: Base currency, Baseline interest rate, Currencies, Debt management, Debt Management, Debt Management Strategy, Debt manager, Debt portfolio, Debt Portfolio Cost and Risk Analysis, Environment debt securities, Exchange rates, Government cash forecasting, Interest payment, Interest payments, Medium-term debt management strategy, MTDS, Portfolio data, Securities, TNM, Tool manual

Publication Details

Pages:

68
Volume:

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DOI:

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Issue:

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Series:

Technical Notes and Manuals No. 2019/002
Stock No:

TNMEA2019002
ISBN:

9781498314961
ISSN:

2075-8669

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