[ Name] MEDIUM TERM DEBT STRATEGY

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Presentation transcript:

[ Name] MEDIUM TERM DEBT STRATEGY 2014-17 [place, date]

Outline 1. Government debt management objectives 2. Scope of the MTDS analysis 3. Macroeconomic assumptions 4. Sources of financing 5. Baseline assumption 6. Strategies' description 7. Shock scenarios 8. Cost-Risk analysis of alternative Debt Management Strategies 9. Recommendation

1. Government debt management objectives Debt Management objectives are:

2. Scope of the MTDS analysis The MTDS focuses on [..] government debt including both external and domestic debt and [loan guarantees]. External debt data: include… Domestic debt data: include.. Government guarantee: …

3. Current debt portfolio[…]government debt – as of December 31, 2013

Current debt portfolio – […]government debt – as of December 31, 2013 (cont.)

Risk indicators of the current [..]government debt FX Debt {UTP] debt Total debt Amount (in millions of UTP) Nominal debt as % GDP PV as % of GDP Cost of debt Weighted Av. IR (%) Refinancing risk ATM (years) Debt maturing in 1yr (% of total) Interest rate risk ATR (years) Debt refixing in 1yr (% of total) Fixed rate debt (% of total) FX risk FX debt (% of total debt) ST FX debt (% of reserves) *= Net foreign assets

Repayment profile of current debt portfolio* *As of December 31, 2013

3. Macroeconomic assumptions Paste from Macro sheet Show any assumptions

5a. Sources of financing External sources: Multilateral Bilateral Commercial Domestic sources: T- Bill, T bond and others (table of characteristics of financing sources) Expected Total

5b. Domestic Description of domestic debt market Issuance strategy Depth Investors Infrastructure Incentives Any others

6. Strategies' description S1: Status quo (keep the same debt profile) S2: Reduce FX risk (more Euro, domestic financing) S3: Reduce FX and refinancing risk (longer maturity of domestic bond) S4: Reduce costs use…

7. Scenario Analysis Consider cost and risk of each strategy under different scenarios (FX and interest rates). Scenario for FX: IR Yield curve chart

8. Cost-Risk Analysis of Alternative Debt Management Strategies Paste cost-risk table, charts on cost-risk trade-offs – use interest/GDP and debt/GDP and discuss

Considerations

Next Steps