Issuance of Central Bank Securities: International Experiences and Guidelines

May 18, 2015

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different approaches taken by those CBs which do issue, as well as suggesting reasons why some CBs do not; and provides operational guidelines on the major building blocks of the issuance of CB securities.

Subject: Bonds, Government securities, Liquidity management, Securities, Yield curve

Keywords: CB Securities, coupon bond, liquidity, market, proceeds, WP

Pages:
31
Volume:
2015
DOI:
https://doi.org/10.5089/9781513593371.001
Issue:
106
Series:
Working Paper No. 2015/106
Stock No:
WPIEA2015106
ISBN:
9781513593371
ISSN:
1018-5941

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