The Public Debt Management Newtwork

Bilateral meetings and study visits, on demand of the interested country, are one of the qualified activities of the PDM Network. They are aimed at providing information and expertise exchange among debt managers regarding policy and technical aspects of debt management. The PDM Network is also available to organise internships of visiting students in Public Debt Offices, on-site technical assistance projects and e-mail exchange on specific topics related to the public debt management.

Here below you will read a list of the past study visits and meetings held at the Italian Treasury premises, aimed at sharing knowledge on debt management topics and techniques with interested countries coming from Eastern Europe, Asia and Latin America.

Should you be a debt manager interested in this kind of information exchange, you can contact the PDM Network Secretariat at Publicdebtnet.dt@tesoro.it.

A brief view of the topics discussed in the PDM Network meetings is the following:

• Primary Market
• Secondary Market
• Primary Dealers and Specialists
• Risk Management Framework
• Cash Management and Short Term Borrowing
• Overview of the role and organization of the Central Bank
• Liability management techniques
• The use of derivatives
• Debt statistics and accounting
• Practical sessions in the public debt trading floor room

Here you will read the specific topics discussed in more detail. Please note that enclosed documents have not been revised and/or updated since the date of the meetings.

Albania (2007)

• Front, middle and back office
• Auction procedures
• Debt strategy
• Risk analysis
• Cash management

Albania (2011)

• Agenda (PDF, 253 KB)
• Italian Public Debt Management in the current financial crisis
• Overview on Primary and Secondary Market
• MTS Overview
• The Central Bank and the Public Debt Management: the case of Italy
• Advisory, Primary and Secondary Market Activities of a Specialist on Italian Government Bonds
• Accounting and Settlement
• Back office activities for the issuance of domestic and foreign debt
• Overview of general activities of Monte Titoli
• Overview of general activities of CC&G
• Transparency and Official Reports
• Italian Public Debt Database Management (Gestione Prestiti e Operazioni - GPO)
• Cost-risk analisys in the debt issuance policy
• Euro Primary Dealership Overview
• Short term borrowing and cash management
• Overview on local authorities debt
• Overview on OECD – Italian Treasury PDM Network

Argentina (2011)

• Agenda (PDF, 51 KB)
• The Italian Public Debt Management: General Strategies and Overview on Italy’s Public Debt Management
• Overview on Primary and Secondary Market
• Bond Exchange and Buyback transactions
• A Brief Description of Econometric Models at the Department of the Treasury
• Stability and Grow Pact
• Structural Deficit, Sensitivity and Long-Term Sustainability
• The central bank and the public debt management: the case of Italy
• MTS Overview

Brazil (2002)

• Agenda (PDF, 51 KB)
• Public Debt strategic guidelines
• Secondary Market and Specialists
• The dialogue with the Market Makers
• Risk Management
• Cash Management
• Short Term Borrowing

China (2005)

• Agenda (PDF, 141 KB)
• Legal and organizational framework of Inter-dealer Electronic Regulated Secondary Market for Government Bonds
• Monitoring the “Specialists in Government Bonds”’
• Risk Management - The legal framework of derivatives
• Cash Management and Short Term Borrowing

Croatia (2010)

• Agenda (PDF, 66 KB)
• General Strategies
• Cash Management and Short Term Borrowing
• Debt Statistics and accounting
• Visit to the Operational Desk

Hungary (2007)

• Agenda (PDF, 67 KB)
• General Strategies (PDF, 413 KB)
• Primary market, Instruments, Auctions (PDF, 2807 KB)
• Secondary Market Activities (PDF, 543 KB)
• Monitoring and Evaluating the activity of Specialists (PDF, 531 KB)
• Retail Debt Management
• Retail Savings Products
• Cash Management
• Liabilities Management Techniques and the Use of Derivatives (PDF, 225 KB)
• Back Office and Accounting
• Visit to the Operational Desk
• Visit to MTS Italy

Indonesia (2004)

• Agenda (PDF, 142 KB)
• Primary market
• Debt Issuance Strategy
• Cash Management
• The Monitoring activity over the Specialists
• The OTC and retail markets and B2C platforms
• The MTS model
• Post- Trading Infrastructures
• The use of the repo facility

Israel (2002)

• Risk management framework
• Benchmarking of Government bonds
• Setting up a market maker system for Government bonds

North Korea (2004)

• The role of international funding in improving debt management efficiency

Poland (2003)

• Agenda (PDF, 171 KB)
• Cost and risk measures
• The use of derivatives
• The role of international funding
• Assessing the domestic funding strategy
• Debt statistics (including securitisation operations)
• Cash Management, Short Term Borrowing and Switching programmes
• Evaluating the activity of Specialists on MTS
• The supervision of the Bank of Italy on MTS

Russia (2002)

• Agenda (PDF, 117 KB)
• Public Debt Direction strategic guidelines
• Governance, Division of labor in Public Debt management
• Primary and Secondary Market for Italian Government Securities

South Korea (2005)

• Inflation-linked bonds Primary Dealers and the repo market

Turkey (2004)

• Enhancing the efficiency of the secondary market: the Italian experience
• The Specialists in Government Bonds

Ukraine (2006)

• Organisation and functioning of MoF and Treasury functions in Italy
• Organization of public accounting function in Italy
• Cash and debt management in Italy
• Role of National Bank in auctions

Vietnam (2005)

• Agenda (PDF, 126 KB)
• The organization of Public Debt Office
• Primary Market
• Short Term Borrowing, Bond Exchanges and Cash Management
• The organization of the Italian MTS
• The role of Specialists in Government bonds
• The use of derivatives and risk exposure
• International funding program: Global Bonds, CPs and the MTN placements

Vietnam (2010)

• Agenda (PDF, 152 KB)
• General Strategies and Overview on Italy’s Public Debt Management
• Organisational and Institutional Features of PDM in Italy
• Overview on Primary and Secondary Market
• Short term borrowing and cash management
• Overview on OECD – Italian PDM Network
• The organization of the Italian Regulated Wholesale Electronic Secondary Market for government bonds
• The central bank and the public debt management: the case of Italy: The Bank of Italy and the State Treasury system
• The Bank of Italy and the State Treasury system
• The recent reform of Italian public finances and accounting
• Treasury management at the State General Accounting Department
• The performance budgeting in Italy
• Considerations about a State Budget reform in Vietnam

Vietnam (2011)

• Agenda (PDF, 272 KB)
• The Italian Public Debt Management: General Strategies and Overview on Italy’s Public Debt Management
• Overview on Primary and Secondary Market
• Bond Exchange and Buyback transactions
• Liabilities and risk management
• The Central Bank and the Public Debt Management: the case of Italy
• MTS Overview
• Borsa Italiana: MOT Market Overview
• Monte Titoli Overview