The chapter will begin with the primary objective of debt management, i.e. the minimization of cost of debt, subject to an acceptable level of risk; but then cover bigger picture motives, such as the allocation of risk between the public and private sector, especially in the context of an economy-wide shock (such as the Global Financial Crisis). It will also discuss how the composition of sovereign debt can have important macroeconomic implications, such as via the monetary policy transmission mechanism. The chapter will detail the risks from maturity, currency and residency, including the ‘original sin’ problem faced by some countries. It will conclude with a discussion of the role of benchmark instruments in furthering financial deepening. This document is an excerpt of the forthcoming book from Oxford University Press and the IMF that is designed to connect the multiple aspects of sovereign debt policy into one coherent text. For further information please go to our focus: Sovereign Debt: A Guide for Economists and Practitioners http://www.publicdebtnet.org/pdm/archivio-focus/detail-focus/Sovereign-Debt-A-Guide-for-Economists-and-Practitioners-00001/