This paper defines sovereign investor relations (IR) and places it in the context of modern debt management theory. It highlights the role that improvements in IR and debt transparency can play in improving the cost-risk tradeoff in debt management, supporting market access and acting as a first line of defense in times of crisis. It sets out a policy framework and institutional arrangements for effective IR, as well as discussing the various practices, publications and strategies that underpin an IR program.

The paper is organized as follows. Section II develops a framework for sovereign IR, including defining it in the context of the debt management objective. Section III looks at the key counterparties within this framework, while Section IV sets out good practices for sovereign IR undertaken in a debt management office (DMO) in detail.3 Section V draws conclusions and summarizes challenges facing debt managers seeking to implement IR Programs.