Public Debt & Cash Management

This 5-day programme covers the principles and sound practices of public debt management through all aspects of managing a public debt portfolio for both developed countries and developing or emerging market economies. Developing sound debt management institutions will ultimately help countries to manage risks more effectively, minimise the cost of borrowing and can ensure a sustainable debt position. Specific topics include, but are not limited to, the following: Legal and institutional framework for public debt management; Roles and responsibilities of the debt management office; Developing a medium term debt management strategy and annual borrowing plan; Accessing international capital markets; Domestic market for government securities; Developing the investor base and managing investor relations; and Portfolio management models and techniques including the use of hedging instruments. The course features numerous examples of international practices and provides a solid grounding in international public sector debt management practices. The programme will cover: Principles and sound practices of public debt management Medium term debt management strategy Debt issuance Managing a public debt portfolio including integration of debt and cash management Governance, audit and reporting of public debt Who should attend? Participants may include senior officials working in Treasury, Public Sector Debt Departments both at central government and subnational government level, and Central Banks. It will be of interest for anyone working in public or private sector debt management practises. Training Methodology: This course consists of a combination of formal lectures, case studies, group discussions, and team challenges. Reference material will be provided to enhance the programme and give participants more in depth coverage of the topics covered during the course.
Day 1 Principles and sound practices of public debt management Legal and regulatory framework Institutional structures Definitions and international standards Roles and responsibilities of the debt management office Agency arrangements with the central bank International practices Day 2 Medium term debt management strategy Developing a medium term debt management strategy and annual borrowing plan Cost-risk analysis Debt sustainability analysis Debt service forecasting Debt analysis models and techniques Coordination with macroeconomic policies Examples of international practices Day 3 Debt issuance Debt instruments and issuance techniques Evaluating and comparing the all-in-cost of a borrowing External debt including accessing international capital markets Domestic market for government securities Developing the investor base and managing investor relations Onlending and guarantees Country case studies Day 4 Managing a public debt portfolio including integration of debt and cash management Debt management objectives and risk management frameworks Portfolio management models and techniques including the use of hedging instruments Debt recording systems Measuring, monitoring and managing the risks, including operational risks of a public debt portfolio Integration of debt and cash management Asset and liability management Incorporation of fiscal risks including explicit and implicit contingent liabilities Country case studies Day 5 Governance, audit and reporting of public debt Governance arrangements for management of public debt Evaluation and annual reporting of debt management operations Debt reporting including debt statistical bulletins Auditing of public debt International practices Course discussion and evaluation Course summary and close