Sovereign retail debt programmes and instruments: A review of country practices

Sam Foxall and Luca Policino

No 10, OECD Working Papers on Sovereign Borrowing and Public Debt Management from OECD Publishing

Abstract: Retail investors are an increasingly important source of funding for sovereign issuers due to a confluence of factors including higher interest rates, higher gross borrowing requirements and the withdrawal of central banks as large net buyers. This paper examines the key features of sovereign retail programmes and instruments currently offered by OECD member and partner countries. It assesses the costs and benefits to issuers, and analyses recent trends in retail demand for sovereign debt, based mainly on OECD survey findings. The analysis provides insights on different approaches that may help policy makers design and implement effective retail debt programmes and instruments.

Keywords: bonds; financial inclusion; government debt; interest rates; investor base diversification (search for similar items in EconPapers)
Date: 2025-01-22
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Persistent link: https://EconPapers.repec.org/RePEc:oec:dafaaf:10-en

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