Issuance of Central Bank Securities: International Experiences and Guidelines
IMF Working Papers, May 18, 2015
Source details
- Canonical URL
- Issuance of Central Bank Securities: International Experiences and Guidelines
Other formats
Bibliographic details
- Authors: Simon T Gray, Runchana Pongsaparn
- Published: May 18, 2015
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513593371.001
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.
- Authors: Simon T Gray, Runchana Pongsaparn.
- Date: May 18, 2015.
Major findings and evidence
- Reasons for CB issuance of securities are explored, including choices over maturities and target market.
- The paper documents a range of different approaches taken by CBs that issue securities.
- The paper suggests reasons why some CBs do not issue securities.
Operational guidelines (major building blocks)
- The paper provides operational guidelines on the major building blocks of the issuance of CB securities.
- Guidelines address design choices such as maturities, target market, and operational setup for issuance.
Subject areas and keywords
- Subject: Bonds, Government securities, Liquidity management, Securities, Yield curve.
- Keywords: CB Securities, coupon bond, liquidity, market, proceeds, WP.