Background notes for the Government Debt Management GDM 1 training course. The target audience for this publication are previous and future participants of the Designing Debt Management Strategies (GDM1) training course. The background notes serve as preparation before attending the training course, and as reference material for debt managers who have already participated. The first chapter introduces the overall concepts and objectives of government debt management, and familiarizes the reader with choices about risk exposure. Learning objectives are outlined at the start of each. Boxes supplement the main text and provide more detail and examples of the issues being discussed. Chapters are concluded with recommendations for further reading. At the end, a glossary provides a list of key terms and phrases with brief explanations. […]