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Bond Exchange and Buy-Back Programmes in OECD Countries
The purpose of this paper is to update the picture as regards OECD countries’ practices involving government securities buy-backs and exchange operations. The paper covers the role of buy-backs and exchanges in cash and debt management, the objectives pursued and other relevant features. Also operational aspects concerning applied techniques, execution procedure, pricing etc. are explored, with some basic figures covering the period 2000-2006.
This investigation has been prepared by Hungarian and Italian delegations for the OECD Working Party on Debt Management. The questionnaire has been divided in four sections, for a total of 37 questions on general topics (questions 1-16), on buy-back operations (questions 17-24), on exchange operations (questions 25-32) and conclusive questions (from 33 to 37).
A summary of responses is here provided as background paper for discussion at the 2006 Annual Meeting of the Working Party on Debt Management to be circulated to the Working Party members as a base for the meeting discussion.
This investigation has been prepared by Hungarian and Italian delegations for the OECD Working Party on Debt Management. The questionnaire has been divided in four sections, for a total of 37 questions on general topics (questions 1-16), on buy-back operations (questions 17-24), on exchange operations (questions 25-32) and conclusive questions (from 33 to 37).
A summary of responses is here provided as background paper for discussion at the 2006 Annual Meeting of the Working Party on Debt Management to be circulated to the Working Party members as a base for the meeting discussion.