Basics of Government Securities Market and Financial Calculations

Introduction

This Course aims at strengthening the capacity of the
national debt office to assess and select the most beneficial/cost-effective terms of debt securities
and to issue these through an issuance policy in line with the debt strategy. It is mainly intended to developing countries or countries with economies in transition that need to respond to the challenges posed by a government securities market which is still nascent or at an early stage but will also benefit countries which seek to deepen their market.

Learning objectives

• Propose the most beneficial/cost-effective terms for debt securities and issuance mechanism
under various assumptions
• Calculate all financial flows and most commonly used cost/risk indicators of debt securities
• Appreciate the role of market players in debt securities markets and define the market
players’ characteristics
• Under various conditions, recognize the need for debt liability management operations and
apply the most appropriate operation at the right timing
• Produce an assessment of the strengths and weaknesses of the current issuance policy and
find potential areas for improvement

Target Group

• intended for staff from the front and middle
  office who are involved in the elaboration and implementation of the issuance policy or sovereign
  securities policy.
• Staff from the back office in charge of recording debt securities and auctions could also benefit from
  the self-study modules related to types of debt securities, fundamental financial calculations, types
  of issuance mechanism and debt securities management operations.