The 6^th webinar of the PDM Network, titled “Launching a Sovereign Retail Debt Programme: Insights from Public Debt Managers and Key Takeaways from an OECD Study,” took place on February 27^th. The event featured a distinguished panel of experts, including Sam Foxall, Policy Analyst, Public Debt Management Team and Financial Markets Unit, OECD, Murray McCarter, Head of Retail, Funding and Debt Management, National Treasury Management Agency, Ireland , Paulo Moreira Marques, Head of the Retail Program “Tesouro Direto”, National Treasury Secretariat, Brazil  and Deni Ridwan, Director of Government Bonds, Ministry of Finance, Indonesia.The session was moderated by Sebastien Boitreaud, Lead Financial Sector Specialist, World Bank.

This webinar explored the complexities of launching and managing a sovereign retail debt programme. Drawing on the latest OECD study and insights from public debt managers, this session provides valuable guidance for practitioners and policymakers.

Sam Foxall opened the webinar by presenting findings from a recent OECD report on sovereign retail debt programmes, emphasizing the importance of having clear objectives, such as diversifying the investor base and promoting financial inclusion. He also highlighted the costs involved and the need for the broader benefits to outweigh these costs. Sam also discussed the value and use of dedicated marketing strategies by issuers, to ensure the success of these programmes.

Paulo Moreira Marques then shared Brazil's experience with its retail debt programme, "Tesouro Direto," which was launched in 2002. He discussed the programme's focus on financial literacy and democratizing access to public bonds. Marques underscored the significance of outsourcing and leveraging existing wholesale structures to reduce costs, which has been a key factor in the programme's sustainability.

Murray McCarter provided insights into Ireland's State Savings, a long-standing retail debt programme. He stressed the importance of offering simple, easy-to-understand products and utilizing digital channels to reach a broader audience. McCarter also spoke about the need for a clear vision, collaboration, and understanding customer needs to ensure the programme's success.

Deni Ridwan shared Indonesia's journey with retail bonds, including both conventional and Islamic instruments. He highlighted the transition to an online platform in 2018, which has been crucial in modernizing the programme and making it more accessible. Ridwan also discussed the impact of retail bonds on financial inclusion and the introduction of green and SDG-linked bonds, which align with broader sustainability goals.

During the discussion and Q&A session, the panelists delved into various aspects of retail debt programmes, including pricing, settlement, and the role of technology. Audience questions covered topics such as financial literacy, counter-cyclical behavior, and the relationship with banks.

The webinar concluded with a summary of key takeaways, emphasizing the importance of continuous innovation and adaptation in retail debt programmes. The insights shared by the panelists provided valuable guidance for public debt managers considering the launch or improvement of their own retail debt initiatives.