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November 30, 2007

7th IMF Debt Management Forum

Posted by Brian Olden

Debt The 7th IMF Debt Managers Forum, hosted by the IMF’s Monetary and Capital Markets Department, was held in the IMF’s HQ building in Washington D.C. between November 5th and 6th. This two day event was attended by leading public debt managers from advanced and emerging market economies, participants from the financial markets, including leading investment banks and hedge funds and other international financial institutions. 

Many interesting topics were discussed including the effects of the recent credit crunch on sovereign debt management and issuance strategies, trends in the composition of public debt portfolios, use of derivatives to assist in the implementation of debt management strategies, asset and liability management strategies and the issue of sub-national and public enterprise debt management.

The involvement of private sector financial market participants was useful as they were able to provide some commentary on the credit crises and their take on how this would affect , issuance spreads for sovereign issuers over the short to medium-term. Most of the participants were relatively optimistic about the prospects for emerging markets but perhaps less so about the more advanced economies. The most interesting message from the Forum was the view that, for once, this was a crisis that had originated in the advanced economies and that the affect on emerging markets was proving much less severe than has been the case in other international financial crises of recent years.  Lack of exposure of domestic financial institutions to the sub-prime mortgage market and the improvement in the fiscal management of emerging markets has insulated these economies from the worst effects and this has been reflected in the relatively mild reaction of investors to EM sovereign debt as evidenced by the relatively mild widening of spreads in binds issued by these countries. 

The attached note highlights the main areas of discussion in more detail. [Download highlight_7th_imf_debt_forum_2007.DOC]

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Comments

Interesting event, interesting issues
So why not put on this blog the materials presented by the speakers: slides, background papers, etc

It would be very much appreciated

Thanks

Benoit

ps: again this PFM blog is really an excellent idea!

Mr. Chevauchez.

Apologies for the delay in responding, as I was out of the office until today.

Yours is an excellent suggestion and one that we would like to respond to positively. Unfortunately, some of the sessions held in this particular seminar were on a "closed" basis to allow some of the participants to speak freely about their individual country experiences on topics such as recent turbulence in the credit markets. As a result, we do not feel we have the authority to put speakers material on the blog in this instance. Of course, we are very much of the view that we should be as transparent as possible and we are committed, where possible, to include future seminar material in the blog where feasible.

Brian Olden

This is a good forum for all of us..It will help students in their studies. This forum gives a lots of information about financial markets, including leading investment banks. Its also help in development strategy of marketing.
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Philip Jones


Debt Consolidation

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