text stringlengths 9 3.93k | document_url stringclasses 472
values | source_url stringclasses 472
values | country stringclasses 158
values |
|---|---|---|---|
The Debt Office is responsible for debt management, guarantee issuing and co-ordination, and acts also as an internal bank for state agencies.
The objective of debt management is also formulated in the Act.
It stipulates that the state’s debt shall be managed so that the long-term costs are minimised while taking ris... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This decision shall be based on a proposal submitted by the Debt Office.
The proposal shall be sent to the Riksbank, the central bank, for comments, to ensure that the demands of monetary policy are taken into account.
The Act also instructs the government to submit an annual report to Parliament in which it makes an... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The implementation of debt management on the basis of the guidelines is delegated to the Debt Office.
The guidelines define in broad terms how the debt should be structured.
They typically include ranges around target values, leaving scope for the Debt Office to make more detailed decisions on the management of the d... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The Government guidelines cover the composition between debt denominated in foreign currency, nominal, as well as index- linked domestic currency debt, the duration of the nominal debt and maturities of index-linked borrowing.
III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNM... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Figure 14.1.
Central government debt, 1990-2003 (including derivatives) In millions of Swedish kronor The current debt portfolio is dominated by nominal loans in domestic currency, made up of bonds and bills, but less so than in most OECD countries.
First, Sweden has an unusually large share of inflation-linked loans... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The foreign currency debt is largely a legacy from the early 1990s.
As can be seen in Figure 14.1, total debt more than doubled between 1990 and 1995, when Sweden experienced the deepest recession since the 1930s.
With an annual net borrowing requirement corresponding to 14 per cent of GDP at the peak, it was useful ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The duration of the combined nominal krona and foreign currency debt is approximately 2.7 years.
The inflation-linked debt has a duration (measured in terms of real rates) of close to 10 years.
The guidelines for the overall composition of the debt constitute the basis for financial risk management of the Debt Office... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The Debt Office has a board consisting of 8 members, of which 4 are members of Parliament, appointed by the Government.
The Director General 1 600 000 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 SEK, nominal S E K , In fla tio n ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 220 is chairman of the Board.
The Board does not take part in the operational decisions of the SNDO. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Based on Government guidelines, the Board decides on more precise guidelines for debt and risk management operations, including: ●benchmarks for nominal domestic debt and for foreign currency debt; ●strategic approach for domestic borrowing, such as transparency, predictability, liquidity, broadening the investor base ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
in terms of Value at Risk) for the active management of the foreign currency portfolio; ●limits and guidelines for credit risks; ●instructions for internal control (operational risks); and ●ethical rules.
The second level of decision-making concerns the operational management of the debt within the framework determine... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This operational level includes front offices, planning, executing transactions, administration, back office, financial accounting, IT, risk management, information, law and documentation and research and forecasting.
The organisational structure is based on the principles of: ●delegation of power; ●strict duality in ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The work on the guidelines and the long-term strategy is a responsibility of the debt management department with the help of the research and forecasting department.
The risk management department has more limited responsibility in this work.
The Debt Office has a credit committee and an operational risk committee.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This department (with a staff of 8 officers) has also the following tasks: ●monitoring and analysing financial and operational risks; ●calculating profit and loss for the active management of the FX debt; ●taking initiative for reforms in the risk management area based on the requirements of “best practice”; and ●manag... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 221 The reports produced by the risk management department are addressed to the credit and operational risk committees, the debt management department, the top management and to the Bo... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
As a representative for the Government, the Debt Office has to act responsibly in all matters.
We should always treat our counterparties fair and objective and avoid entering transactions that could harm the reputation of the Debt Office or the Swedish Government.
Business and strategic risks Risks associated with th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Our approach is to determine foreseeable borrowing, supporting liquidity by concentrating borrowing to benchmarks, using standard selling techniques and striving to develop the market and the market infrastructure.
By having an open attitude and discussing these matters with market players and comparing with normal pr... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Our long- term strategic approach is to measure it as variations in coupon costs, plus the realised gains or losses on FX-debt and inflation-linked debt.
A real measure of costs and risks according to ALM is regarded as the preferred choice for the future.
The short-term tactical approach is to use the concept of mar... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
●Liquidity risk.
The refinancing risk or roll-over risk, defined as exposure to high interest rates at time of roll-over, has traditionally been managed by limits on redemption amounts.
We have now implemented another technique based on Cost-at-Risk methodology for quantifying the effects of rising interest rates. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Another aspect of liquidity risk is that instruments and positions in the active management of FX debt must always be liquid so that at all times the SNDO can unwind its positions fast and at low cost.
●Credit risk.
The risks for losses due to unwillingness/incapability of your counterparty to honour its obligations.... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The credit risk policy states that our counterparties should have a minimum rating from Standard & Poor’s, Moody’s and Fitch.
We also require an ISDA agreement with CSA (collateral support annex) with all our derivative counterparties.
We have chosen to use cash as collateral and we have bilateral agreements (requiri... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 222 SNDO to deliver collateral if our counterparty has an exposure on us).
The thresholds are rating dependent.
A rating trigger is attached to the ISDA agreement making it possible for the D... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The limit system is based on ratings.
We have single limits for all transactions for each counterparty in terms of exposure, expected loss and maximum maturity.
We also face credit risks in our liquidity management when we have to deposit surplus in the inter bank market.
These credit risks are managed integrated wi... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
In FX-transactions this is not so easy to achieve.
Thus, the counterparties should comply with our rating requirement.
Even when DVP is achieved, a minimum rating is normally required for our counterparties.
Operational risks Risks associated with weaknesses in the organisation, systems and routines.
Our policy is ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The instructions state that: ●The organisation should be based on the principle that duties with risk management, back office and financial accounting are clearly separated from the operational departments.
●The competence of our staff should, at least, be comparable with the competence of the staff in the financial s... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
●IT-systems should have high security and contribute to a high level of internal control.
●The integrity and secrecy of information should be protected.
The availability of information should be secured.
Safe methods for controlling the identity of our counterparties should be used.
●Physical security should safegu... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
As a method for analysing operational risks we construct standardised flowcharts, according to UML-standard, describing the working processes in detail focusing on the risks involved.
A recovery site is currently being implemented.
III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF G... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Since this risk normally is associated with weaknesses in your own organisation including a competent staff and adequate routines), we regard it as an operational risk.
III.
Overall risks and risk management The main risks in government debt management are interest rate risk and currency risk related to the size and ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The risks should be seen in the context of the overall balance sheet of the government and assessed in relation to expenditure commitments and to future tax revenues.
It seems inevitable that an optimal debt policy is state- contingent; that is, the attitude to risk will vary depending on the overall outlook for gover... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
From this overall point of view, real (as opposed to nominal) measures of costs applied within an integrated ALM approach seem appropriate.
Risks arise when assets and liabilities are not perfectly matched.
To manage these risks, the government must therefore consider the entire balance sheet and try to limit the mis... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
However, an ALM-based approach to debt management may be helpful even if one does not have a complete quantitative picture.
In particular, it becomes clear that the risk of government debt should be assessed on the basis of whether it exacerbates or mitigates strains on the balance sheet.
One simple measure of the (c... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
For example, a debt portfolio that typically has high costs in recessions (when also public finances are under pressure) must be considered more risky than a portfolio for which the opposite is true.
This suggests treating deficit smoothing as an operational objective of debt management.
Acknowledging that ALM provid... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The most important effect so far on Swedish debt management is that in qualitative and quantitative analyses, debt costs are expressed in relation to GDP.
GDP is used as a measure of other business cycle-related influences on the budget; a debt portfolio with a relatively stable cost-to-GDP ratio is regarded as less r... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 224 However, at this stage, market risks measured in nominal terms constitute the basis for the bulk of our analyses.
When conducting a nominal risk analysis you need first to decide ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Our conclusion is that market value changes do matter.
However, the bulk of the debt cannot be refinanced at short notice.
As a first approximation, therefore, it is reasonable to assume that debt instruments are kept until maturity.
This means that short-term fluctuations in market values resulting from changes in ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
From a short term, tactical perspective, costs and risk are defined according to mark-to-market practice.
This is the only possible way of defining costs when interacting with the market, irrespectively if you are auctioning or repurchasing domestic debt or if you are actively managing foreign currency debt.
IV. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
IV.
Simulation model and other risk models The Debt Office has built a stochastic simulation model, which is used jointly with qualitative reasoning, in the work on guidelines for debt management.3 The model generates paths for interest rates, exchange rates, GDP and the borrowing requirement for up to 30 years. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
These time series are then used to simulate the costs of a set of debt portfolios with different characteristics, making it possible to rank portfolios on the basis of their expected costs and the variability of costs.
The costs of debt in the simulation model are measured as the coupon costs, plus the realised gains ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The risk of debt is measured as the percentage distance between the 95th and 50th percentile (the percentile distance) of the distribution of simulated costs.
As indicated above, the primary metric used is the cost-to-GDP ratio.
Since GDP is generated in the model, it is possible to capture correlations between inter... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Based on an assessment of the roll-over risk in different markets, separate duration benchmarks are determined for nominal domestic and foreign currency debt.
The duration is higher for nominal domestic debt than for foreign currency debt.
Limits for deviations from the duration target are also decided.
The benchmar... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Deviations are measured in the same way.
The currency composition is arrived at through a standard mean-variance model.4 The risk in the active portfolios is measured using the parametric VaR approach.
III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
It adds risk without offering expected long-term cost savings.
First, the government has few foreign currency assets (i.e., the foreign exchange exposure is basically unhedged).
Second, it is likely that the domestic currency weakens in recessionary periods, since the costs of foreign currency debt would tend to add ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Third, at a somewhat more subtle level, the simulation model illustrates that (under flexible exchange rates) domestic short-term interest rates are positively correlated with the business cycle, since the central bank will vary short rates in a counter-cyclical manner.
This tends to stabilise the debt costs-to-GDP ra... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The quantitative results from the simulation model for index-linked debt were less clear-cut than for of foreign currency debt.
The model indicates that there is little difference in terms of costs and risks between nominal and inflation-linked domestic currency debt.
One potential explanation is that the model assum... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
In other words, the debt portfolios are not subjected to any stress tests, since these are hard to handle in a long-term simulation model.
In such an environment, there is little reason to expect inflation-linked debt to differ markedly from nominal debt.
However, under more realistic assumptions for the real economy... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
As long as inflation-linked bonds are not markedly more costly than nominal bonds, this diversification effect argues for including inflation-linked debt in the portfolio.
The choice of duration involves a trade-off between costs and refinancing risks.
Experience indicates that nominal short rates, on average, are lo... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
As noted above, domestic short rates may also be positively correlated with the business cycle, which contributes to deficit smoothing.
On the other hand, a short duration would make debt costs more sensitive to current interest rate levels.
Moreover, short rates tend to be more volatile than long rates.
The duratio... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
In principle, a mixture of just two maturities can achieve any duration target.
In practice, the III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 226 refinancing or roll-over risk is limited by the Debt Office’s overall borrowing st... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The roll-over risk is measured according to a Cost-at- Risk approach.5 VI.
Active debt management It is useful to distinguish between two types of active debt management.
The first type includes actions allowing a separation between funding decisions, on the one hand, and decisions on the characteristics of the debt ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Such activities are motivated by a desire to use low-cost methods of funding without necessarily accepting the risks attached to those instruments.
The resulting debt portfolio should have lower funding costs and/or lower risk than an identical portfolio created by direct borrowing.
This form of active management is ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This requires that there is a defined benchmark.
A position is then created by modifying the actual portfolio so that it deviates from the benchmark.
The result of the position can be evaluated by comparing the (market) value of the actual portfolio to the value of the benchmark.
This form of active management is ty... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This section explains the reasons behind, and the frameworks used for, each case.
Separation of funding and portfolio decisions The separation between funding and portfolio decisions originates from the framework for managing foreign currency debt.
Traditionally, the Debt Office pursued an opportunistic borrowing str... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
To achieve the desired composition of the foreign currency debt portfolio, expressed as a benchmark portfolio, it used derivatives to transform the cash flows.
Given this experience of working with derivatives, it was natural for the Debt Office in 1996 to include the krona among the currencies used for funding the fo... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This transformation involves several steps.
First, the Debt Office issues a long-term krona bond.
Second, it does an interest-rate swap (IRS) in kronor in which it receives payments based on a fixed interest rate and pays based on a floating III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAG... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Finally, there is an interest rate swap in foreign currency to achieve the desired duration of the foreign currency exposure.
At the end of 2003 around 49 per cent of the foreign currency exposure, equivalent to SKr 164 billion, was in the form of krona/currency swaps.6 Tactical debt allocation The Debt Office takes t... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The framework for this activity is a benchmark portfolio determined by the Debt Office’s Board.
The Board defines a neutral portfolio in terms of currency and maturity composition and the maximum permissible deviations from this portfolio.
Within these boundaries, the management of the Debt Office has the mandate to ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The Debt Office also uses external portfolio managers (currently six, of which five act as advisors and one enters transactions on behalf of the SNDO) working with the same mandate, scaled down to a fraction of the total foreign currency debt.
This practice gives an additional measuring rod for evaluating the Debt Off... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
In the passive portfolio, consisting of the bulk of transactions, the aim is to be on the benchmark every day with a very small tolerance level.
In the active portfolio, the SNDO, its own managers and also external managers, enter into derivative transactions in order to benefit from views on market development.
The ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The main reason is that the Debt Office is so dominant a player in the krona fixed income market, that its reallocations could move interest rates.
Opportunistic behaviour by such a borrower will raise the overall level of interest rates as investors demand compensation for the additional risks they face.
Given its t... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
VII.
Systems used The SNDO uses SimCorp Dimension as a financial administration system supporting the needs of front office, back office and risk management.
The dealers enter transactions into the system, the back office confirms the deals and produces files for financial accounting, clearing and settlement and the ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The risk management department produces risk reports and P/L reports on a daily basis.
A new system for short-and medium-term borrowing planning is being developed based on the same database.
The simulation model uses a simplified database and is not automatically connected with the financial administration system.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This means that the Board monitors and evaluates operational debt management operations and reports to the government.
At the next level, the government evaluates the overall result of the Debt Office’s decisions.
Finally, the Parliament evaluates debt management as a whole, including the government’s guidelines.
Th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This statement is published in time for the Debt Office to consider comments and recommendations from Parliament when preparing the next guideline proposal, thereby closing the loop of delegation and monitoring.
Evaluation, or performance measurement, is conducted in many ways.
The overall composition of the debt is ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Domestic debt management is to a high degree evaluated in terms of how well the strategic objectives (e.g.
liquidity, predictability and market infrastructure development) have been achieved.
Our own assessments, market inquiries and benchmarking/comparisons with other sovereign borrowers, constitute the basis for th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This tradition is also valid for debt management.
The Debt Office actively supports openness since this is the basis for transparency and predictability.
Our proposals and the Government’s decision on guidelines are made public.
We have a publication on borrowing requirement and debt policy, which is made available ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
X.
Management of contingent liabilities7 Contingent liabilities in the form of guarantees can only be issued on the basis of an authorisation by parliament.
Four government agencies are in III.14.
RISK MANAGEMENT OF GOVERNMENT DEBT IN SWEDEN ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OEC... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The Debt Office issues other guarantees based on specific authorisations by parliament in each case.
The budget law stipulates that a risk-related fee should be charged for guarantees.
If parliament decides that the recipient of the guarantee does not have to pay, budget means must be reserved to cover the fee.
The ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The accuracy of the Debt Office’s pricing decisions can be evaluated ex post by checking whether the fees accumulated over long periods match the payments made to cover guarantee claims.
With an ALM approach to debt management, it is clear that guarantees (and other contingent liabilities) must be considered in analys... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
In a consistent risk management framework, it should be possible, for example, to consider whether a risk reduction should be achieved via a change in the government debt portfolio or by transferring a guarantee to a guarantor in the private sector.
This principle is easier to state than to implement.
A first operati... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
This should include expected losses on the total guarantee portfolio, but also capture the magnitude of unexpected losses.
Reports on the guarantee portfolio should be presented to the parliament in connection with the budget proposal.
If expected or unexpected guarantee losses are increasing, then this should be tak... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Such a framework is not yet in place in Sweden, but steps in this direction are being taken to improve the analysis and management of contingent liabilities.
Notes 1.
The OECD Working Party on Debt Management is the principal forum for this.
2.
The ALM perspective was introduced in the guideline proposal presented ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
3.
The model and the simulation results are described in papers available at the Debt Office’s Web site (www.rgk.se/files/upl553-Teknisk_Rapport.pdf).
4.
The model and the results are described in Central Government Borrowing: Forecast and Analysis, report 2003:1, available at the Debt Office’s Web site.
5.
The mo... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
6.
SNDO’s use of swaps is described in Central Government Borrowing: Forecast and Analysis, report 2002:3, available at the Debt Office’s Web site.
7.
See also Chapter 6, this volume.
TABLE OF CONTENTS ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 5 Table of Contents Part I Intro... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Introduction to advances in risk management of government debt by Hans Blommestein......................................................................... 11 Annexe 1.A Optimal Debt and Strategic Benchmark: the Risk Management Approach to Debt Sustainability ....................................................... 22 C... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Analytical Framework for Debt and Risk Management by Lars Risbjerg and Anders Holmlund ........................................... 39 Annex 3.A.
Structure of Debt Simulation Model ................................................. 54 Part II Recent Developments in Managing Market Risk, Operational Risk and Contingent L... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Management of Operational Risk by Sovereign Debt Management Agencies by Peter McCray .................................................................................. 67 Annex 5.A.
Sovereign Debt Management Operational Risk Survey: Summary of Responses .................................................................... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Explicit Contingent Liabilities in Debt Management ..................... 89 TABLE OF CONTENTS ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 6 Part III Risk Management Practices in Selected OECD Debt Markets Chapter 7.
Risk Management of Government Debt in Austria by Paul A. Kocher a... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Risk Management of Government Debt in Belgium by Jean Deboutte and Bruno Debergh............................................... 129 Chapter 9.
Managing Risks in Canada’s Debt and Foreign Reserves by Pierre Gilbert, Zar Chi Tin and Mark Zelmer .............................. 139 Annex 9.A.
Investment and Credit Guideli... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Risk Management of Government Debt in Denmark by Lars Risbjerg ................................................................................... 157 Annex 10.A.
The Scenario and CaR Model ............................................................. 171 Annex 10.B.
Principles for Credit Risk Management................ | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Risk Management of Government Debt in Finland by John Rogers .................................................................................... 177 Chapter 12.
Risk Management of Government Debt in France by Bertrand de Mazieres and Benoit Coeure .................................. 189 Chapter 13.
Risk Management of... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Benchmarking for Public Debt Management................................... 210 Chapter 14.
Risk Management of Government Debt in Sweden by Per-Olof Jönsson ............................................................................ 217 Chapter 15.
Risk Management of Government Debt in the United Kingdom by Toby Davi... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
DMO Functional Structure.................................................................. 244 Chapter 16.
Risk Management of Government Debt in the Czech Republic by Petr Pavelek .................................................................................... 245 Annex 16.A.
Government Debt Management Regulation... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Risk Management of Government Debt in Poland by Arkadiusz Kaminski and Marek Szczerbak ................................ 263 TABLE OF CONTENTS ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 7 List of boxes 6.1.
Illustration of the risk of a loan guarantee ................................ | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Structure of government debt simulation model ...................................... 54 6.1.
Probability distribution of net assets ........................................................... 105 7.1.
Currency value at risk .................................................................................... 122 7.2.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Value at Risk .................................................................................................... 124 7.4.
Current exposure in previous year .............................................................. 126 9.1.
Funds management governance framework ............................................. 141 ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Composition of EFA assets ............................................................................ 149 9.4.
EFA assets by credit rating ............................................................................ 149 9.5.
EFA funding composition ....................................................................... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Structure of simulation model ..................................................................... 171 11.1.
Currency risk: composition of foreign currency debt ................................ 181 11.2.
Interest rate risk: share of floating rate debt ............................................. 182 11.3.
Interest... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Refinancing risk: redemptions within one year ......................................... 184 11.5.
Refinancing risk: redemption profile ........................................................... 185 13.1.
IGCF organisational chart .............................................................................. 200 13.2... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
DEM rate history ............................................................................................. 212 13.A2.
Strategies and scenario generators .............................................................. 213 13.A3.
Cost/Risk measure ........................................................................ | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
The Government Debt Management Unit at the MoF – Organisational structure in 2003 ............................................................................................. 250 16.2.
Refinancing vs. redemptions and net issues, 1993-2003 (% of gross domestic product) .................................................... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Monthly refinancing vs. redemption profile of T-Bonds during 2002 and 2003 (CZK billion) ............................................................... 255 16.4.
State debt redemption profile vs. interest rate refixing profile (inc. swaps), September 30, 2003 ............................................................. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Maturity profile of State Treasury foreign debt, as of mid 2003 .............. 274 TABLE OF CONTENTS ADVANCES IN RISK MANAGEMENT OF GOVERNMENT DEBT – ISBN 92-64-10441-0 – © OECD 2005 8 List of tables 5.A1.
Break-up of Staff involved with middle office functions .......................... 75 13.A1.
Liability and asset... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Published strategic targets for 2003 ............................................................. 248 16.2.
Czech state debt portfolio in 2003 ................................................................ 254 17.1. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Average time to maturity and duration of PLN denominated marketable debt (in years) ............................................................................. 270 From: Advances in Risk Management of Government Debt Access the complete publication at: https://doi.org/10.1787/9789264104433-en Please cite this chapter... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
DOI: https://doi.org/10.1787/9789264104433-15-en This work is published under the responsibility of the Secretary-General of the OECD.
The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries.
This document and any map included herein are without prej... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given.
All r... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at info@copyright.com or the Centre français d’exploitation du droit de copie (CFC) at contact@cfcopies.com. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725552283914.pdf | https://www.oecd-ilibrary.org/risk-management-of-government-debt-in-sweden_5l9rls8wl9ms.pdf | Sweden |
PUBLIC DEBT MANAGEMENT ACT, 2021 Arrangement of Sections Section PART I - PRELIMINARY 4 1.
Short title and commencement.............................................................................4 2.
Interpretation.......................................................................................................... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725534379302.pdf | https://www.bahamas.gov.bs/wps/wcm/connect/824dd04f-2858-420e-8ef9-92c5f382bd41/PublicDebtManagementAct%2C2021.pdf?MOD=AJPERES | Bahamas |
Public debt management objectives.....................................................................8 PART III - ESTABLISHMENT OF AUTHORITIES 9 5.
Establishment of Debt Management Office..........................................................9 6.
Establishment of Debt Management Committee............................ | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725534379302.pdf | https://www.bahamas.gov.bs/wps/wcm/connect/824dd04f-2858-420e-8ef9-92c5f382bd41/PublicDebtManagementAct%2C2021.pdf?MOD=AJPERES | Bahamas |
Functions of the Committee...............................................................................11 9.
Functions of the Financial Secretary..................................................................12 10.
Responsibilities of the Minister in the management of public debt....................13 PART V - P... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_2/1725534379302.pdf | https://www.bahamas.gov.bs/wps/wcm/connect/824dd04f-2858-420e-8ef9-92c5f382bd41/PublicDebtManagementAct%2C2021.pdf?MOD=AJPERES | Bahamas |
End of preview. Expand in Data Studio
README.md exists but content is empty.
- Downloads last month
- 6