OECD 2022 Survey on Primary Markets Developments

Country	Auctions: Long-Term	Auctions: Short-Term	Auction Type: Single-Price	Auction Type: Multiple-Price	Tap Issues: Long-Term	Tap Issues: Short-Term	Syndication	Private Placement
Australia	X	X		X			X
Austria	X	X	X	X	X	X	X	X
Belgium	X	X		X	X	X	X	X
Brazil	X	X	X	X	X	X
Bulgaria	X	X		X	X
Canada	X	X	X	X	X	X	X
Chile	X	X	X		X		X
Colombia	X	X	X		X		X	X
Costa Rica	X			X	X
Croatia		X	X		X		X
Czech Republic	X	X	X	X	X
Denmark	X	X	X		X	X
Estonia		X		X			X
Finland	X	X	X		X	X	X
France	X	X		X	X	X	X
Germany	X	X		X	X	X	X
Greece		X	X			X	X
Hungary	X	X		X	X	X	X
Iceland	X	X	X				X
Ireland	X	X	X		X	X	X	X
Israel	X			X	X
Italy	X	X	X	X	X	X	X	X
Japan	X	X	X	X
Korea	X	X	X	X	X	X
Republic of Latvia	X			X	X		X
Lithuania	X	X		X	X	X	X	X
Luxembourg							X
Mexico (Local)	X	X	X	X	X	X	X
Netherlands	X		X		X	X
New Zealand	X	X	X	X	X		X
Norway	X	X	X				X
Poland	X	X	X	X	X	X	X	X
Portugal	X	X	X	X	X	X	X
Romania	X	X		X	X	X	X	X
Slovak Republic	X	X	X	X	X	X	X	X
Slovenia	X	X	X		X		X	X
Spain	X	X		X	X	X	X
Sweden	X	X		X	X	X
Switzerland	X	X	X		X
Türkiye		X		X			X
UK	X	X	X	X	X	X	X

	Country notes
Australia
Austria	Traditionally syndications are used for new government bond issues only. Austrian government bond (RAGB) auctions are multiple-price whereas ATB auctions are single-price. In May 2022, Austria issued its inaugural green bond, the issuance procedure was the same as with a conventional bond. In Q4 2022 Austria plans to issue green short-term debt instruments (bills) as first sovereign issuer, the issuance procedure will be the same as with conventional short-term debt instruments.
Belgium
Brazil
Bulgaria
Canada	Canada issues most of its domestic debt through multiple-price auction format. All nominal bonds and treasury bill auctions are multiple-price, whereas real return bonds (inflation-indexed bonds) and ultra-long (50-year) bonds are issued through a single-price auction format.Canada also does tap issues for its long and short term benchmark bonds to build them to a sizable level without having to conduct a single large auction. Information about target benchmark sizes of the relevant sectors are available in our annual Debt Management Strategy. (Annex 2: Debt Management Strategy \| Budget 2022) In March 2022, Canada issued its inaugural green bond through a syndication format. Canada also issues foreign currency global bonds through syndication, Medium Term Notes (MTNs) /Euro Medium Term Notes (EMTNs) on a reverse inquiry basis and operates a Commercial Paper program in USD.
Chile
Colombia	To finance public debt, Colombia Government sells bonds (long and short term) through public auctions with a specific calendar for every week of the year, considering the debt capacity given by the annual budget approved by the congress. Our Global Bonds are issued through book building.
Costa Rica	Ministry of Finance of Costa Rica conducts multiple-price auctions with allocation under the Dutch methodology. In 2018, the last and only syndication was carried out, known as "contratos de colocación". The benchmark issues of internal debt securities, are issued at reference terms of 3-5-7-10-15 years, the facial rate conditions of the coupon are defined with the current yield curve
Croatia
Czech Republic	Primary market (auction type) Treasury bonds: multi-price auction Treasury bills: single-price auction Secondary market operations (auction type) Tap-issues: single-price auction Exchange operations: single-price auction
Denmark	Foreign EMTN issuance takes place via syndication.
Estonia	Estonia has no regular issuance calendar
Finland
France	Syndication mainly used for curve extension or new/technical products
Germany
Greece
Hungary	After bond auctions there can be a non-competitive top-up tender, which is a single-price (average auction price) issuance. Some types of T-bills and bonds are sold via tap issuance or via subscriptions for retail investors. Syndication is used only for the issuance of foreign exchange bonds in the international markets
Iceland	Single price format used for T-bills and T-bonds. Syndication is used for foreign debt borrowing
Ireland
Israel
Italy	The Italian Treasury makes use of two kinds of auction: - a competitive (multi-price) auction on a yield basis, for T-bills; - a marginal price (single-price) auction - where the auction price and the quantity issued are determined discretionally by the Treasury within a preannounced range of amounts in issuance for all medium-long terms bonds (nominal fixed and floating rate bonds, and inflation indexed bonds). The Treasury normally makes use of syndication: - in case of issuance of new types of bonds (for instance, BTP€i in 2003, CCTeu in 2010 and BTP Green in 2021) or benchmarks in new segments of the nominal and European inflation curves (e.g.: 7-year BTP, 5-year BTP€i with a new coupon cycle); - in case of issuance of new nominal bonds with maturities above 10 years and new inflation linkers with maturities of 10 years or more. Starting from 2020 the Italian Treasury has started to make use of the syndicated placements even for the launch of new benchmark, both nominal and inflation-linked, with maturity equal or lower than ten years. However, this may occur in exceptional circumstances, when the market conditions require since the beginning an efficient allocation among final investors and the achievement of a size that guarantees a good performance on the secondary market. As for the BTP Italia (linked to the Italian inflation) and starting from 2020 also for the BTP Futura (dedicated to retail investors), the Treasury makes use of a specific method of issuance, which allows for collecting purchase orders through the retail screen-based market for government bonds, the MOT platform of Borsa Italiana. A minimum coupon rate (for BTP Futura a set of annual minimum coupon rates) is announced the day before the starting of the issuance process, while the final coupon rate (for BTP Futura a set of annual coupon rates) is determined at the end of the placement period based on market conditions, whereas the issue price is fixed at par. For the BTP Italia the placement period is divided into a First Phase and a Second Phase. The First Phase is reserved to retail investors, while during the Second Phase all investors (including banks and other institutional investors) are allowed to participate. For the BTP Futura only retail investors are allowed to buy the bond during the placement period. Starting from April 2020 and consistently with what announced in the Update of the Guidelines for Public Debt Management for 2020, the Italian Treasury has introduced a new modality to issue one or more off-the-run securities through a separated and dedicated segment of the electronic trading system where the interdealer secondary market takes place (“TAP ISSUE”). These Tap reopening operations of off-the-run bonds are executed outside the auction calendar and are reserved to Specialists in Government Bonds. Moreover, the opportunity and type of bonds to be issued are evaluated according to specific demand requirements.
Japan	Price-competitive & multiple-price auction methods are used in Japan, except for the auctions for: 40-year bonds (yield-competitive & single-price auction), Inflation-indexed bonds (price-competitive & single-price auctions) and Liquidity Enhancement Auctions (yield-spread-competitive & multiple-price auctions). Also, reopening is conducted for JGBs except for T-Bills and 2-year bonds.
Korea	Korea temporarily introduced the single-price auction type from March 2021.
Republic of Latvia	As for the 2021 and 2022 funding programme, Latvia did not issue any short term government securities and there were no single-price auctions, still all issuing procedure are available
Lithuania	The Government borrows by issuing both short– and long–term securities in the auctions and later tapping them. However, since 2015, due to market conditions (low interest rates) short-term securities were issued just once in April 2020. Since September 2021, syndicated issues are also being re-opened in the auctions. We are able to issue syndicated deals and private placements but those are done only in the international markets
Luxembourg
Mexico (Local)	Local Market Debt The quarterly issuance calendar remains as one of the most important tools for the announcement of the future issuing plan as it details the issuance scheme for zero coupon bonds, nominal bonds, inflation-linked bonds and floaters. Regarding the bonds auction pricing, the floaters are currently the only type of bonds that use both auction types of pricing: single and multiple. Syndicated auctions, are only used when there is a new instrument to be issued and used in the quarterly calendars. Given the weekly frequency of auctions, tap issues occur quite regularly.
	External Market Debt The process of Mexico’s debt issuances in international financial markets is made through syndication. The characteristics of any debt issuance will depend on market conditions and the specific objectives that the Federal Government has at the time. That been said, it is very important to mention that Mexico has large access to the US dollar, the euro and the yen markets, which means that practically all the tenors are available for Mexico in those markets. Also, tap issues is a very common tool the Federal Government uses in both, the US dollar and the euro market.
Netherlands	We don’t use Syndicates or Private Placements but we normally use the Dutch Direct Auction (DDA) method for auctions of bonds with initial maturity of about 5 years or longer. Our Tap issues are single price auctions but they can have a multiple price during the auction process. A tap auction can have 3 different prices but on each price every primary dealer has the same ability to buy at that price.
New Zealand	New bond lines are issued via syndication, whilst existing bond lines are generally issued by weekly tenders.
Norway	New bonds are introduced by syndication, while new Treasury bills are issued through uniform price auctions. Both bills and bonds are regularly reopened by auctions. Auctions are conducted via the Bloomberg Auction System. Only primary dealers are authorised to participate in the auctions. They are obliged to participate in every auction of bills and bonds. The issue amount and tenor are published two days prior to the auction.
Poland	The single-price auction is used in the regular sale auctions of Treasury bills and bonds as well as Treasury-bond switching auctions. The multiple-price model is used in buy-back auctions. Syndication has been mainly used for Treasury securities issues on foreign markets.
Portugal	Syndications: T-Bonds only. Auction type: T-Bonds: Single Price T-Bills: Multiple Price *Tap issues correspond to reopening the series via auctions for both T-Bonds and T-Bills. T-Bonds can also be tapped via syndication or other formats, such as exchange offers.
Romania
Slovak Republic	Single price only for T-Bills, currently all other auctions with multiple price.
Slovenia	Auctions apply for Treasury Bills only – Slovenia is not performing bond auctions. However, 18m Treasury Bills are issued via auctions
Spain	The Spanish Treasury usually does the first issuance of longer-term bonds through syndications. Afterwards, these benchmark bonds are tapped through auctions, until they are “filled”, with a size of approximately EUR 20 bn. After a benchmark is filled, or it is no longer representative of its point on the curve, a new benchmark is issued. For shorter-term bonds and bills, only auctions are used, both for initial issuance and taps.
Sweden
Switzerland	Almost all of our debt (bills as well as bonds, both new issues and reopenings) is issued under an auction system with a Dutch tender (the one exception are our “own tranches”, see below). The reopening of already issued bonds (implemented by auction) is comparable with the auctioning of new bonds. To support market liquidity, we aim to have only one outstanding bond per year with a volume of around 4 billion CHF at maturity. Because of our limited financial needs and limited market demand, we do not auction the entire volume at once but reopen individual bonds several times over their entire lifetime until they reach our target volume. Between auction dates, the Federal Treasury sells so called “own tranches” from time to time to support market liquidity and cover extraordinary market demand. Own tranches are Government Bonds owned by the Confederation and can be sold on demand at market prices (own tranches are not yet placed/settled, the whole issuance process is completed except the sale to the investor à primary market transaction). We consider the selling of own tranches as tap issues. Own tranches contribute only a small part to the issuance program in total.
Türkiye	In external borrowing operations, syndicated borrowing format is used
UK	We hold single-price auctions for inflation-linked gilts and multiple-price auctions for nominal (“conventional”) gilts

	YES, new types of securities were/will be issued	NO new types of securities were/will be issued
Australia		Both
Austria	Both
Belgium		Both
Brazil		Both
Bulgaria		Both
Canada	Last 12 months	Next 12 months
Chile	Last 12 months
Colombia	Both
Costa Rica	Both
Croatia		Both
Czech Republic		Both
Denmark	Last 12 months	Next 12 months
Estonia		Both
Finland		Both
France	Last 12 months
Germany		Last 12 months
Greece	Last 12 months
Hungary	Both
Iceland	Next 12 months	Last 12 months
Ireland		Last 12 months
Israel	Next 12 months	Last 12 months
Italy	Last 12 months	Next 12 months
Japan		Both
Korea		Both
Republic of Latvia	Last 12 months
Lithuania		Both
Luxembourg		Both
Mexico (Local)	Both
Netherlands		Both
New Zealand	Both
Norway	Last 12 months
Poland	Last 12 months	Next 12 months
Portugal	Next 12 months	Last 12 months
Romania	Next 12 months	Last 12 months
Slovak Republic		Both
Slovenia	Next 12 months	Last 12 months
Spain		Both
Sweden		Both
Switzerland	Next 12 months	Last 12 months
Türkiye	Both
UK	Last 12 months	Next 12 months

	Inflation-linked bonds	Longer dated securities	Variable rate notes (such as floating rate notes)	Retail bonds	Green bonds	Social bonds	Sustainability bonds	Sustainability-linked bonds	Sukuk	Other	Last or next 12 months
Australia	Both	Both
Austria					Last 12 months					Green Austrian Treasury Bills / Commercial Paper	Next 12 months
Belgium		Both		Both	Both
Brazil
Bulgaria
Canada					Last 12 months
Chile								Last 12 months
Colombia		Last 12 months			Both	Next 12 months	Next 12 months
Costa Rica	Both		Both		Next 12 months	Next 12 months	Next 12 months	Next 12 months
Croatia
Czech Republic
Denmark					Last 12 months
Estonia
Finland
France										Green inflation-linked bonds	Last 12 months
Germany
Greece			Last 12 months
Hungary				Both
Iceland										Green bonds are possible	Next 12 months
Ireland
Israel					Next 12 months
Italy					Last 12 months
Japan
Korea
Republic of Latvia							Last 12 months
Lithuania
Luxembourg
Mexico (Local)		Last 12 months	Last 12 months				Next 12 months			SDG-aligned bonds	Both
										SDG-aligned bonds	Both
Netherlands
New Zealand		Last 12 months			Next 12 months
Norway		Last 12 months
Poland				Last 12 months
Portugal					Next 12 months
Romania					Next 12 months
Slovak Republic
Slovenia		Last 12 months					Both
Spain
Sweden
Switzerland					Next 12 months
Türkiye			Last 12 months	Last 12 months	Next 12 months				Next 12 months
UK					Last 12 months

	Increase in governments funding needs	Understanding investor behavior	Decrease in government’s funding needs	Lack of investor demand	Cash flow forecasting	Communication with fiscal authorities	Operational challenges	Communication with monetary authorities	Market volatility	Communication with market participants	Significant rise in yields
Australia		X	X		X				X
Austria	X				X				X
Belgium					X
Brazil	X								X		X
Bulgaria	X			X					X		X
Canada			X		X				X		X
Chile					X				X		X
Colombia					X				X		X
Costa Rica		X			X				X		X
Croatia	X			X	X				X		X
Czech Republic	X				X				X		X
Denmark				X					X
Estonia	X	X			X				X		X
Finland	X				X				X
France									X		X
Germany
Greece		X							X		X
Hungary	X				X				X		X
Iceland					X				X		X
Ireland			X		X				X
Israel			X		X				X		X
Italy	X				X				X		X
Japan
Korea									X		X
Lithuania	X	X		X				X	X	X	X
Luxembourg	X				X				X		X
Mexico (Local)	X								X
Mexico (External)		X		X					X		X
Netherlands			X		X				X
New Zealand	X		X		X				X		X
Norway				X					X
Poland	X				X				X		X
Portugal			X		X	X	X		X		X
Republic of Latvia	X	X	X	X	X				X		X
Romania	X			X					X		X
Slovak Republic			X		X				X		X
Slovenia									X		X
Spain					X				X		X
Sweden			X		X
Switzerland		X			X	X				X
Türkiye	X			X	X				X		X
UK			X		X		X		X

Australia
Austria
Belgium
Brazil
Bulgaria
Canada
Chile
Colombia
Costa Rica	(i) Cyberattack on Government on April 2022.
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy
Japan
Korea
Lithuania
Luxembourg
Mexico (Local)	(i) Capital outflows (ii) short-term refinancing needs
Mexico (External)
Netherlands
New Zealand
Norway
Poland
Portugal
Republic of Latvia
Romania
Slovak Republic
Slovenia
Spain
Sweden
Switzerland
Türkiye	(i)Global Risks
UK

Australia
Austria	In the light of various government relief-packages - that aim to mitigate the effects of the persistent inflation - and thus an increase in the government’s funding needs, cash flow forecasting remains a major challenge. Another challenge has been the market volatility, which is primarily caused by alternating market-worries between inflation and a recession and the central banks reaction. We have made the observation that primary market participants tend to be more cautious, thus making careful movements in their positions.
Belgium	So far, despite diverging impacts, overall funding needs appear to be close to initial estimates. Detailed cashflow forecasting remains challenging in the current extremely high inflation environment.
Brazil
Bulgaria
Canada	The Government of Canada has decreased its planned gross issuance by CAD 17 billion compared to last fiscal year, from CAD 442 billion (FY2021-22) to CAD 425 billion (FY2022-23). The planned issuance in the bond sector has gone down significantly from CAD 255 billion to CAD 212 billion in FY 2022-23, mainly due to reduced financial requirements, which continue to trend downwards. The planned issuance in bills has been increased to CAD 213 billion compared to CAD 187 billion for FY2021-2022, to support a liquid and well-functioning market for Canadian federal government treasury bills, which helps investors, as a whole, who need access to short-term, interest-bearing securities in lieu of cash.
Chile
Colombia
Costa Rica
Croatia
Czech Republic
Denmark	The investor demand has been somewhat impaired by the high volatility and increased duration in the Danish mortgage market.
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland	The changing economic backdrop has made it difficult to forecast cash flows and funding requirements
Israel
Italy	Please refer to the point 4.
Japan
Korea
Lithuania
Luxembourg
Mexico (Local)	Local Market Debt The greater challenges for the local debt market in the last 12 months have been the foreign capital outflows for MXN 83 billion (Mexican pesos) (~USD 4.15 bn).
Mexico (External)
Netherlands
New Zealand	Over the last 12 months, the government funding needs were formally reviewed and updated. In the first review, funding needs decreased. In the subsequent review, funding needs increased.
Norway	Lack of investor demand led to reducing the allocated amount from the announced target amount in a Treasury bill auction in June 2022. High market volatility has led the DMO to allow primary dealers to set a wider price spread than normal in the interdealer market for both government bonds and Treasury bills
Poland
Portugal
Republic of Latvia
Romania
Slovak Republic	Issuance plans of Slovakia must be in line with prudent Act on Fiscal Responsibility (Debt Brake).
Slovenia
Spain	On market volatility, it is quite linked with the significant rise in yields. Similarly to other sovereign issuers, we have seen a sudden increase in our financing costs. This increase in rates was widely expected by the market and ourselves, but the suddenness of the increase was not. This sudden increase in yields and the general uncertainty in the current global context have led to significant volatility in the European Government Bond (EGB) space. This volatility has affected the liquidity of the secondary market for Spanish government bonds. This is a challenge for us and many other sovereign issuers. Regarding cash flow forecasting, there are two main factors that pose a challenge for the Spanish Treasury. On the one hand we have more uncertainty in cash flow forecasting due to the implementation of Spain’s Recovery Plan under the NextGenerationEU program, because the Recovery Plan’s investments may need to be financed before Spain receives its disbursements from NGEU. On the other hand, given the global context, there is uncertainty regarding the Central Government’s funding needs. For example, new government spending could be approved to aid households in response to the energy crisis, which makes cash flow forecasting more difficult.
Sweden
Switzerland	The multiple challenges that arose during the last 12 months (e.g. inflation, energy prices, and war) and the ongoing effects of the pandemic have made cash flow forecasting very difficult. We had to adjust our (internal) scenarios multiple times during this time. As the uncertainty also affected our investors, it was also challenging to understand investor behavior. With the return to positive interest rates, we are also confronted with increasing outflows, in particular from funds temporarily parked with the federal government (mainly delayed withholding tax refunds
Türkiye
UK	In sharp contrast to the previous financial year, 2021-22 saw two large downward revisions to the UK DMO’s gilt financing requirement, by GBP 43.3bn in April 2021 and by GBP 57.8 (to GBP 194.8 billion) in October 2021 as higher than anticipated government revenues reduced its cash needs. The initial forecast of gilt sales for 2022-23 published in March 2022, was lower still at GBP 124.7bn, but this rose slightly to GBP 131.5bn in April 2022. From January 2022, the Bank of England ceased reinvestment of redemption amounts from its holdings of gilts in its Asset Purchase facility, marginally increasing the net supply of gilts to the market. In the context of ongoing challenging conditions in the sterling money markets, the DMO has also worked closely with HM Treasury and the Bank of England to identify ways in which the DMO’s cash management responsibilities can be further supported.

	Global financial risks (e.g. changes in large central banks’ monetary policies)	Local financial risks (e.g. risks stemmed from banking sector)	Macroeconomic uncertainties (e.g. inflation)	Liquidity risk	Changes in the government’s borrowing needs	Geopolitical risks	Political risks (e.g. elections, changes in government)	COVID-19 pandemic’s risks	Materialization of contingent liabilities including state guarantees	Revisions to the financial regulations	Operational risks (e.g. human failure, lack of staff, IT/system risks and process risk)
Australia	Both		Next 12 months	Next 12 months	Next 12 months	Next 12 months					Next 12 months
Austria	Both		Both		Both
Belgium	Both		Both		Next 12 months	Next 12 months		Last 12 months
Brazil	Both	Both	Both		Both	Both	Both	Last 12 months
Bulgaria	Both		Both		Both		Both
Canada	Both		Both	Both	Both	Both		Last 12 months
Chile	Both		Last 12 months			Last 12 months
Colombia	Both	Both	Both		Both	Last 12 months	Last 12 months	Both			Both
Costa Rica	Both	Next 12 months	Both	Next 12 months	Next 12 months	Both	Last 12 months	Last 12 months			Next 12 months
Croatia	Both		Both	Both	Both	Both		Last 12 months	Last 12 months
Czech Republic	Both		Both		Both	Both	Last 12 months				Both
Denmark				Next 12 months		Both			Next 12 months
Estonia	Next 12 months		Both		Both	Both	Next 12 months
Finland	Both			Both	Both
France	Both		Both			Both	Last 12 months	Last 12 months
Germany	Both		Both		Both	Both		Both
Greece	Both	Both	Both		Both	Both		Last 12 months	Both	Both
Hungary	Both	Both	Both	Both	Both	Both	Last 12 months	Last 12 months	Next 12 months
Iceland			Both			Both		Last 12 months
Ireland	Both		Both		Both	Both
Israel	Both		Both		Both		Next 12 months	Last 12 months
Italy	Both		Both		Next 12 months	Both	Both	Both
Japan					Both						Both
Korea	Next 12 months		Both					Last 12 months
Lithuania	Both		Both		Last 12 months	Both		Last 12 months			Both
Luxembourg			Both		Both	Both			Next 12 months
Mexico (Local)	Both	Both	Both					Last 12 months
Mexico (External)	Both		Both	Both		Both	Both	Last 12 months
Netherlands	Next 12 months		Next 12 months		Both	Next 12 months		Last 12 months			Both
New Zealand	Both		Both		Both			Both
Norway	Both		Both	Both		Both				Next 12 months
Poland	Both		Both		Both	Both	Next 12 months	Last 12 months			Next 12 months
Portugal	Both		Both	Next 12 months	Both	Both		Last 12 months			Both
Republic of Latvia	Both		Both	Next 12 months	Both	Both		Both
Romania	Both		Both	Both		Both		Last 12 months	Next 12 months
Slovak Republic	Both		Both		Both	Both	Both
Slovenia	Next 12 months		Both		Next 12 months	Both
Spain	Both		Both		Next 12 months	Both
Sweden	Both		Both	Both
Switzerland	Both		Both	Both	Next 12 months	Both		Last 12 months	Both
Türkiye	Both		Both		Both	Both		Last 12 months		Both
UK	Both		Both	Next 12 months	Both	Both		Last 12 months			Both

Notes: Mexico mentions additional risk factors/events: Energy prices dynamics (both), Climatological factors associated with droughts or floods that may affect the agriculture and some industrial and services, in addition to the fact that they could generate distortions in the formation of prices in the world economy or Mexico (both) and probability of recession in US and Europe (both).

Australia
Austria	We foresee the biggest factors/events in the next 12 months that might affect our operations to be the uncertainties around the further development of the inflation and the consequential central bank response (changes in monetary policy to counter a recession) as well as possible effects on the funding requirement (potentially necessary additional inflation relief packages à higher government borrowing needs).
Belgium	The main uncertainties are now linked to a broad mix of geopolitical risks, (energy) price inflation, the reaction of central banks and uncertainty with regard to the Government’s borrowing needs to the impacts of all of the above on people’s purchasing power. Cyber risks remain a point of attention.
Brazil
Bulgaria
Canada	While the last 12 months were largely characterized by risks stemming from COVID-19, going forward we expect geo-political and macroeconomic factors to contribute to market risk more
Chile
Colombia
Costa Rica
Croatia
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy	The main macroeconomic factors that may affect our strategy are related to geopolitical issues and the uncertainties regarding the trend of inflation and the attitude of central banks in the coming months (e.g. the end of the Central Banks' bond purchase programs).
Japan
Korea
Lithuania
Luxembourg
Mexico (Local)
Mexico (External)
Netherlands
New Zealand
Norway	Norwegian interest rates are highly correlated with foreign interest rates.
Poland
Portugal
Republic of Latvia
Romania
Slovak Republic	Government too conservative in fiscal projections – higher budgeted deficit compared to reality – higher liquidity buffer
Slovenia
Spain	The current global context brings uncertainty to the operations of DMOs around the world. In the case of the Spanish DMO, we have seen a rise in our cost at issuance due to the changes in large central banks’ monetary policies, largely brought about by rising inflation. This poses a challenge for our debt management strategy, because we must continue striving towards our mandate of minimizing both the cost of debt and the risks associated with our debt portfolio in this new environment. Moving forward, the possibility of gas supply shortages in Europe could also pose challenges for our operations as a DMO. Although Spain is not directly exposed to gas cuts from Russia, some of our trading partners are, and we could be indirectly affected by higher energy prices. This could lead to higher funding needs, if government spending were approved to combat a worsening of the energy crisis in Europe.
Sweden
Switzerland	We expect the challenges in the upcoming 12 months to be similar as in the last 12 months. For the DMO, the main challenge will most likely again be the accurate cash flow forecasting, due to macroeconomic uncertainties and the geopolitical challenges.
Türkiye
UK	International geopolitical risks have escalated since the start of the Russia-Ukraine conflict. This has prompted a sharp rise in (energy price driven) inflation globally, sharply tightening of monetary policy in the major economies and a corresponding major increase in government bond yields. The yield on the UK 10-year gilt for example has tripled in 2022 to-date (7 September 2022) from approximately 1% to 3%. The financing of the costs associated with mitigating the energy price crisis in the UK and anticipated fiscal measures by the incoming administration are expected to increase the size of the gilt issuance programme over the next year-18 months. A fiscal event to begin to address these costs is expected by the end of September. On 23 September 2022 the UK DMO’s financing remit was revised following the publication of the Government’s Growth plan. The UK Government’s Net Financing requirement rose by GBP 72.4 billion to GBP 234.1 billion. The increase is to be financed by additional gilt sales of GBP 62.4 billion, taking the planned total in 2022-23 to GBP 193.9 billion and additional net sales of Treasury bills for debt management purposes of GBP 10.0 billion, taking the planned increase in 2022-23 to GBP 40.2 billion. From the first week of October 2022 the Bank of England will commence sales of its holdings of gilts in the Asset purchase facility at the rate of GBP 10.0 billion per quarter – further adding to gilt supply to the market.

Australia	Flexibility in issuance, large liquidity buffer, ability to materially upsize short term borrowing (Treasury Notes) if required
Austria	The Republic of Austria mainly mitigates funding risks with its diversity of funding sources and instruments as well as financial flexibility due to its relative scarcity of issuance. Additionally, we implemented a liquidity buffer in the light of the COVID-19 pandemic and the challenges regarding cash flow forecasting. We also try to spread issuances over the year in order to minimize concentration risk and diversify interest rate risk.
Belgium	In terms of funding there is a close follow-up of fiscal revenue and spending in order to gauge the outcome of overall funding needs. Throughout 2022, as in 2021, because of the funding transactions early in the year we have held larger cash positions than usual.
Brazil	The main measure that the Brazilian National Treasury uses to mitigate risks is to carry a liquidity buffer capable of paying not less than 3(three) months of obligations. We currently have the resources to pay more than 9 months of expenses, which gives us margin to cross periods of volatility and low demand without stressing even further. We have also been very emphatic to communicate that fact to investors. In addition, we are publishing the auction calendar in a quarterly basis, which gives us the needed flexibility to adjust benchmarks and maturity according to expected investors’ preferences at that period.
Bulgaria	We communicate with the main market participants.
Canada	The Government of Canada employs an open and collaborative approach for its debt management function. Actions such as publishing market notices, which act as information communiques containing operational details, and/or new program announcements, have been effective. Senior government officials have also effectively communicated changes in funding needs and information on programs and operations during public appearances/speeches. This approach has helped to ensure the well-functioning of the Government of Canada markets and favorable conditions for market liquidity in both the primary and secondary Government of Canada securities markets. In addition, new programs and changes to existing programs that have been announced by the Government to support key financial markets to ensure that they continue to function properly have been well received by market participants and primary dealers (PDs). Being open and transparent in the communication strategy with PDs has also been an effective approach to motivating dealers to provide liquidity to the market and to support primary market issuance. The following are three examples of Canada’s transparency in communication with financial market participants: Publication of the quarterly bond schedule prior to the start of each quarter in advance of auction Publishing details for each operation in a call for tender a week prior to the auction Regular consultations with market participants: The Government of Canada and the Bank of Canada seek the views of government securities distributors, institutional investors, and other interested parties on issues related to how the Government of Canada securities market is performing and views for the design and operations of the domestic debt program.
Chile	Typically, it is very important to have a good communication with the investor community, in order to understand investor demand, and a good coordination with the Budget Office, that manages the information of cash flows.
Colombia	Looking to different financial alternatives to attend Government´ borrowing needs. Continuity plan.
Costa Rica	The indicated risks are managed by defining an annual financing plan or strategy, with access to external financing (loans and Eurobonds issuance), in addition by prefunding the Government's cash flow and by adopting spending containment measures. and fiscal rule. As a result of the cyberattack suffered by the Government, cybersecurity measures and plans were reinforced in public institutions and business continuity plans are in place.
Croatia
Czech Republic	Risks arising from domestic or global financial markets are managed operatively by a flexible debt issuance strategy, which is published for the following year and updated in the mid-term (quarterly in extraordinary cases). Additionally, the decisions related to gross issuance are discussed and approved by the Ministry of Finance management every quarter. The Ministry of Finance also keeps a sufficient liquidity buffer within single treasury accounts and forecasts future state debt service expenditure in high percentile.
Denmark	The risk is mainly communicated by the Ministry of Finance. If it materializes in actual funding need we would communicate from the DMO:
Estonia	In order to mitigate the risk of changes in government’s borrowing needs, a minimum liquidity requirement was introduced and committed credit facilities with the main local partner banks were established already in 2011. The minimum required level of the liquidity position equals the State’s six-month negative net cash flow comprising: transactional requirements, meaning the excess of budgeted monthly outgoings over budgeted revenue (also taking into account entities such as the Health Insurance Fund and the Unemployment Insurance Fund whose cash management is consolidated with central government), including debt and interest payments during the next one-month period, and precautionary requirements, representing an estimate of the deterioration in budgeted tax revenues over the following six months in the event of an economic downturn of the severity experienced in 2009 and a provision for liabilities from guarantees given by the State that are expected to crystallise in the following six months. The actual liquidity position is calculated as (a) the Liquidity Reserve (deposits with maximum three months maturity, current accounts and bonds, liquid and high-grade) plus (b) undrawn amounts from facilities committed for at least the following three months (by banks). These facilities also serve to mitigate operational risks and to ensure that unexpected large outgoing payments can be made without having to liquidate investments. Borrowing strategy document was introduced in 2020 and is updated regularly.
Finland	For operational risk process guidelines and checkpoints. There are also contingency and continuity plans.
France	Diversified funding strategy, predictability and transparence towards investors
Germany	Our issuance planning and market entrance allows for adjustments during the year. Short-term changes can, amongst others, be addressed by our bill instruments.
Greece
Hungary	Flexible issuance plan, contingency plans, communication with market participants, prefinancing, stand-by credit facilities
Iceland	The issuance plan has to be more flexible, more series will be issued and the maximum size of each series has been increased.
Ireland	Large cash balance in place, plan issuance schedule around known events
Israel	Following the change in financing needs and increase in global inflation, we analyzed and performed various simulations covering a wide range of scenarios, including recession and/or increased inflation to see how best to maintain financing flexibility
Italy	The Italian Treasury funding plan is inspired by the principles of transparency and predictability. In order to handle possible risks deriving from a national and international geopolitical scenario, the funding strategy is oriented toward managing interest-rate and refinancing risks, so as to continue to keep exposure to such risks under control. Moreover, the Italian treasury has focused its debt management policy in increasing the average life of the debt to mitigate the risk of refinancing by diluting over time the volumes to place on the market and to decrease the issuer’s exposure to sudden increases in interest rates. However, the above-mentioned factors are characterized by a level of uncertainty which makes difficult to predict their evolution over time. Therefore, the Treasury funding strategy keeps a sufficient degree of flexibility to quickly response and adapt its funding plan to the evolution of the market context, as occurred during the COVID-19 crisis. In addition the Treasury has further improved its communication strategy by means of periodical press conferences on debt issuance strategy and a significant change on the quarterly issuance program bulletin that has been enriched with more information on the debt funding progress, the macroeconomic and public finance outlook
Japan	In the case of rapid changes in fiscal demands, we will mitigate additional impacts on the JGB market by adjusting the amount of front-loading Refunding Bonds. Also, we will deal with a decline in market liquidity through Liquidity Enhancement Auction, an additional issuance of off-the-run bonds. In addition, in order to secure stable financing and accurately implement policies to enhance JGB market liquidity, we carry out the dialogue with market participants through meetings of JGB Market Special Participants and other meetings. And, as a measure to tackle the operational risks in Q4, we separate their workplaces to prevent the spread of COVID-19 among the staff in charge of auctions.
Korea	Contingency plan
Lithuania	While international capital markets remain difficult, Latvia is raising funds mainly in domestic market. Demand in auctions over the last 12 months has been supporting and Latvia has been able to issue largest ever volumes in domestic market, reaching net issuance volumes in June 2022 already at level we have used to have for the full year. The increased liquidity buffer enables us to be flexible in terms of time for issuance, tenors and currency etc. We regularly review and update the total funding requirement and adjust the borrowing activities if necessary
Luxembourg	When redeeming major (equivalent to EUR 1 billion and above) Eurobond issues, the risks are mitigated by allocating the required funds in advance. Also we can use the reserve (stabilization) fund for the debt redemptions. The taken amount must be returned to the fund within few years. Thus, we have high cash buffers or liquidity cushions, actively seek to reduce operational risk. Also we intensified our communications with investors, explaining mitigating factors to the geopolitical risk.
Mexico (Local)	contingency funding plans
Mexico (External)	While most countries increased their external debt level as a result of the pandemic, our country has managed to keep it stable through its fiscal responsibility policy, sophisticated risk management, and an efficient debt refinancing strategy. Thus, by 2023 it is estimated that 19.2% of the total debt will be denominated in foreign currency and the remaining 80.8% in national currency. With the aforementioned, the Federal Government maintains a low-risk and balanced debt portfolio that will allow it to maintain a solid financial position
Netherlands
New Zealand	DSTA has recently updated its business continuity plan. In addition a new information security management system is being implemented.
Norway	Change in Government borrowing needs – we review the borrowing programme forecasts at two scheduled points during the year. Liquidity risk – NZDM maintain a minimum liquidity buffer (in the form of highly liquid financial assets) of NZD 15 billion, up from our pre-pandemic requirement of NZD 2 billion. We also have a NZD 5 billion overdraft with the Central Bank and the option to increase Treasury Bill and ECP issuance in the short-term. COVID-19 pandemic risk/global financial risk/macroeconomic uncertainties – Rather than trying to respond tactically to short-term market dynamics, we take a long-term structured approach to our funding strategy. Our goal is to provide as much certainty as possible, reducing the uncertainty or illiquidity premiums applied to our bonds. Over time, we believe this will put us in the best possible position in the face of global financial risks beyond our control. These risks are also managed by holding a substantial liquidity buffer and formally reviewing government borrowing needs twice a year.
Poland	We aim to have a transparent and predictable borrowing programme and is updating this quarterly, if necessary.
Portugal	1) By holding a cash buffer, flexible approach in terms of issuance (instruments, markets, issuance techniques), maintaining the relations with investors and developing the investor base. 2) Emergency procedures are updated on a regular basis taking into account new types of security issues. Technical infrastructure allowing for running debt management processes from outside of the Ministry of Finance building is assured.
Republic of Latvia	When preparing the financing plan for the year, potential risk factors are taken into account, therefore we anticipate as much as we can the financial schedule aiming to comfortably raise the funds to cover not only the year funding needs but also prefunding at least 30% of the following year gross funding needs and/or execute liability management exercises with the cost of debt reduction and smooth of redemption profile objectives. We also have contingency funding plans – e.g. we can launch new financial instruments at short notice if need be.
Romania	The state's financing policy maintains a high degree of flexibility regarding the timing and level of the amounts drawn. Additionally, a foreign currency buffer is maintained to cover up to 4 months of the gross financing needs.
Slovak Republic	Sufficient liquidity buffer (currently higher than long-term average) and prudent conservative approach to debt management
Slovenia	Higher liquidity buffer, series of smaller tap issues, liability management transactions (i.e. buybacks and exchanges of the of-the -run lines falling due within next two years, communication with investors and primary dealers
Spain	These factors commented in the previous paragraph, together with other uncertainties have led us to maintain a higher cash buffer at the end of 2022. This will allow us to mitigate any possible risks that may arise in 2023 and have more flexibility in our debt issuance if any of these challenges materialize
Sweden	Yearly review and updates
Switzerland	The Treasury develops its auction calendar and issuance program in close cooperation with the budgetary units of the Ministry of Finance. In addition, the issuance program is revised on a quarterly basis and, if necessary, adapted according to the funding needs of the government. These updates are also approved by the Asset & Liability committee of the Treasury, on which – among others – the budgetary units and the Swiss National Bank are represented. With this rolling planning, potential risk factors can be taken into account for the issuance program and at each quarterly adaption. Thanks to this process and the relatively large liquidity buffer, there is enough time and flexibility to adapt the funding strategy in a timely manner should risks materialize.
Türkiye	Debt and Risk Management Committee closely monitors and evaluates recent changes in global, local markets and budget realizations and government borrowing needs. With respect to these developments, if needed, the Committee determines new strategies for debt management. Regarding operational risks, we manage our operations according to our Operational Risk and Business Continuity Management frameworks. In addition, we have a quite open two-way communication strategy with investors in order to manage those risks
UK

	Answer	Comment
Australia	Yes
Austria	Yes	In general, potential risk factors (e.g. forthcoming elections, geo-political events, central bank meetings etc.) and competing supply are considered when preparing the financing plan. The RAGB and ATB auction calendar dates are announced in December for the forthcoming year in order to maintain the highest possible degree of predictability. We tend to stick to these calendar dates regardless of potentially arising risk events. However, we have flexibility with regards to the amount and bond(s)/bill(s) issued at each auction (which e.g. for bonds is announced on Thursdays in the week before the auction) depending on demand and market conditions. At bond syndications, where we have no fixed calendar, we have more room to adjust in function of known upcoming events.
Belgium	Yes	Yes, we have opted for a higher number of auctions in our auction calendar in order to be able to cope with possible setbacks
Brazil	Yes	Our strategy aims to lengthen the maturity profile of Brazilian public debt while maintaining cash resources capable of paying at least 3 months of obligations. Our mid-term plan considers favorable and adverse scenarios and forecasts different investors preferences and demands in such scenarios. Our liquidity buffer planning also considers adverse scenarios probability, including possible buybacks and fiscal shocks.
Bulgaria	Yes
Canada	Yes	Flexibility is built in our financing plan to adjust to lower or higher financial requirements (e.g., contingency planning). The quarterly bond schedule (auction calendar) is designed to ensure that there are no auctions taking place on the same days as the interest rate announcement dates in Canada and in the US. The potential impact of public speaking engagements of members of the Governing Council of the Bank of Canada is also considered and utmost care is utilized to avoid inadvertent impact on Government of Canada primary market auctions. Call for tenders for primary market auctions are released in the morning (instead of the afternoon) in the week before an auction week when the markets are closed for a long weekend (i.e. a national/provincial holiday). The auction calendar also provides information on the specific sector of the to-be auctioned security and total amounts maturing on the auction day (across other securities). Market participants are closely consulted as part of the process of developing the debt management strategy. To support a liquid and well-functioning Government of Canada securities market, the Government strives to promote transparency and regularity.
Chile	Yes	Normally, we try to avoid complicated dates, considering financial news as well as political factors.
Colombia	Yes
Costa Rica	Yes	Since 2019, the Ministry of Finance has been preparing the calendar of auctions of internal public debt securities. This calendar is published every quarter. You can find it on the website of the Ministry of Finance: HechoRelevanteTN0866_2022CalendariodeSubastasIIITrim2022.pdf (hacienda.go.cr) In addition, the Costa Rican Ministry of Finance has a website with Investor Information. https://www.hacienda.go.cr/InfoInversionistas.html
Croatia	Yes
Czech Republic	Yes	The financing plan is prepared in accordance with financing needs, state budget deficit development, state treasury development, internal forecast, and last but not least with the situation on the domestic and foreign bond markets and primary dealers’ demand. In the internal forecast Ministry of Finance takes into account relevant financial risks arising from the situations on global and local financial markets (i. e. estimate of expenditure on state debt service in particular years), political risk related to state debt management, and expenditure on state debt service (state debt level, expenditure level) etc.
Denmark	No
Estonia	Yes	For a small country like Estonia it is essential to be prepared for different funding alternatives (multilateral loans, revolving lines, t-bills, bonds).
Finland	No	Annual funding plan is based on a baseline scenario.
France	Yes	We take into account the most likely annual trajectory of our financing programme and try to smooth it by running a buybacks programme and sizing the t-bill programme.
Germany	Yes	We tried and try to consider (avoid) days of foreseeable high volatility / uncertainty while preparing our annual auction calendar.
Greece	Yes
Hungary	Yes	We do that by making the financing plan rather flexible. The auction calendar used to be fixed until 2019 for the given calendar year, but since then it can be changed within a year as well. The Debt Management Office (DMO) has flexibility in determining the offered amounts and the accepted amounts at the auctions, and it has other tools such as the non-competitive top-up phase after the auctions; all these help to adjust the financing by wholesale instruments. Short-term liquidity management instruments (mainly repos and stand-by credit facilities) are available for handling temporary situations and a sizeable cash buffer is also held on the Treasury Single Account and in Foreign Exchange (FX) deposits. The annual amount of Foreign Exchange (FX) bond issuance is also flexible in the financing plan, depending on the government’s financing needs and the demand for local government securities. All these measures have been in effect for many years, and were revised and enhanced in the past three years due to the Covid pandemic and the war in Ukraine
Iceland	Yes	The goal is to maintain a high degree of predictability in the auction program. An auction calendar is published in December each year for the following year and a quarterly auction plan is published before the start of each quarter. A degree of flexibility is attained in the financing plan by the amount issued in each auction.
Ireland	Yes	Auctions are announced quarterly. Consideration is given to known market events which may influence auction outcomes
Israel	Yes
Italy	Yes
Japan	Yes	We put our focus on predictability of issuance in formulating annual JGB Issuance Plans. One of the tools for this end is front-loading issuance of Refunding Bonds, which allows us to avoid concentration of bond redemption in a specific year and ease volatility in the amount of JGB market issuance across fiscal years. For instance, when it is predictable that bond redemption will be concentrated in a certain fiscal year, which could lead to a sharp rise in the issuance of Refunding Bonds, the amount of JGB issuance across fiscal years can be levelled by issuing front-loading Refunding Bonds in a year before the concentration. In addition, front-loading issuance of Refunding Bonds can serve to address market impacts volatile fiscal needs may have.
Korea	Yes	Issuance amounts are adjusted depending on the market situation on a monthly basis
Republic of Latvia	Yes	Russia invasion in Ukraine and current market volatility has changed a time of deciding on government bond auctions. For example, for auctions we used to do it at least 4 days in advance, but now has decreased to 1-2 days, to decide on particular bonds that would be most relevant for investors under market conditions at that moment.
Lithuania	Yes	Potential risk factors are considered to some extent, however, we publish our auction calendar for three months in advance and auction details 5 working days in advance, so we have little flexibility to react if markets open in a bad shape on the day of the auction. We tend to manage risk by adjusting the borrowing amounts if needed. Since Russia’s invasion into Ukraine, we have reviewed our auction calendar by shortening the maturities of the bond offered because there was higher demand.
Luxembourg	Yes
Mexico (Local)	Yes	The Annual Borrowing Plan and Quarterly Securities Auction Calendars are designed taking into account potential risk factors. The auction calendars are flexible in order to respond to changes in demand from local and foreign investors, as well as cash flow needs in the treasury account
Mexico (External)
Netherlands	Yes	We are now considering the potential risk of a decrease in the government’s funding needs during the year and the uncertainties in the cash forecasting in the financing plan for 2023.
New Zealand	Yes	We take a strategic approach to our bond tender issuance, pre-announcing the full details of the auction calendar a month in advance. We avoid scheduling auctions: On the day of meetings of the Reserve Bank of New Zealand (RBNZ) On the day of significant fiscal announcements such as the Budget or release of Crown accounts During the New Zealand summer holiday period, where there is the risk of low participation By contrast, the precise timing of syndications is based on a tactical assessment of when will provide optimal investor participation, long with a focus on minimising any event risk. Potential risk factors are considered in detail when choosing a date. We also maintain flexibility for the volume of Treasury Bill and Inflation-Indexed Bond tender issuance by announcing the volumes and maturities the day prior to the tender.
Norway	Yes	Issuances in both bills and bonds are spread over the year. An auction calendar for the whole year is published in December the preceding year. The normal auction amount in reopenings is NOK 2-3 billion. Should we experience any challenges in covering the auctions, we might consider increasing the number of auctions and reduce the volume in each auction. Auctions may also be cancelled.
Poland	Yes	In the annual auction calendar, the dates of the auctions are planned on days when there are no decisions of central banks (ECB, Fed, NBP) as well as rating agencies' decisions regarding Poland. In monthly plans, the offer of domestic T-bonds at auctions is adjusted on an ongoing basis to the current and forecast market and budget situation.
Portugal	Yes	Contrary to T-Bills, Portuguese Treasury and Debt Management Agency (IGCP) does not have a defined auction calendar for T-Bonds (Portuguese Government Bonds (PGB)). Instead, there are two issuance windows per month (2nd and 4th Wednesday of each month) and on the Friday of the week preceding the auction date we confirm (or not) the tender and announce the lines to be opened and the target size for the auction. Usually we skip the less liquid windows as August and December.
Romania	Yes	Yes, we take into consideration the market participants feedback, including potential volatility in the demand, regional evolution and future official announcements which might impact de auctions.
Slovak Republic	Yes	Potential risk factors are very important in Syndicate deals with large expected volumes to be sold. In regular auctions, the risks are less important. We prepare the auction calendar (dates of the auctions) for the whole year and try to avoid any changes or cancelations. We announce particular type of the offered bonds in the auctions only few weeks before the auction, following the actual demand/feedback from the PD and investors.
Slovenia	No	It would be too limiting to adjust to potential risks, which are difficult to identify and prioritize in the given volatile and often un-predictable circumstances. Nevertheless, we adjust the auction calendar (please note that we only T-Bills via auctions) to events and situations that evolve in the course of the year.
Spain	Yes	We always make prudent estimates for our funding plan, taking into account all potential risk factors that we are aware of. This allows us to publish a prudent funding estimate, which we can revise downwards later in the year, once the year’s funding needs are clearer.
Sweden	No
Switzerland	Yes	See Q5.
Türkiye	Yes	The Turkish Treasury shares the main framework of the yearly borrowing plan through the Treasury Financing Program announcement. Throughout the year, in the end of each month further details on the auction calendar are shared in the 3-month borrowing strategy. During the preparations of each announcement, Debt Office receives monthly and yearly risk assessments from the Risk Department. These assessments include simulation based analyses are carried out in order to assess the cost - risk profile of the debt stock and to design the main debt management policy of the Turkish Treasury. In addition to those quantitative assessments, other qualitative potential risk factors, like geo-political or operational, are also considered during the final evaluation stage. During the borrowing strategy development process, potential risk factors such as volatility in global economy, regional concerns, geo political risks are considered.
UK	Yes	The key high level risks taken into account from the debt management perspective when preparing the UK’s annual financing remit are: interest rate risk, refinancing risk, inflation risk, liquidity risk and execution risk. An assessment of these risks (alongside an assessment of cost and the pattern of demand) will impact the skew of issuance both between nominal and inflation-linked gilts and, within conventional gilt issuance, the split between maturities. The assessment can also impact the number, type, size and scheduling of gilt operations. With respect to some of the larger more global risks cited (e.g. local/global financial risks and changes to monetary conditions), we aim to adapt to any changes in market conditions as appropriate, after consultation with a wide range of market counterparties.

	Answer	Comment
Australia	Yes	Annually
Austria	Yes	There is a full disaster recovery plan in effect. This plan is reviewed every year. Every three months there is a test of the fallback system.
Belgium	Yes	An internal workgroup discusses and reviews the plans every 1.5 – 2 months
Brazil	Yes	Once a year or more if needed
Bulgaria	No
Canada	Yes	Reviewed/revised/tested every 6 months.
Chile	No
Colombia	Yes	Annually
Costa Rica	Yes	The National Treasury of the Ministry of Finance has a business continuity plan, which involves the activities and functions it performs in terms of debt management. The plan was drawn up in 2019, to date it has not been updated, given the cyberattack situation this year it will be updated at the beginning of 2023. The Ministry of Finance has a contingency protocol in place to ensure business continuity.
Croatia	No
Czech Republic	No
Denmark	Yes	As part of the Danish Centralbank we use the disaster recovery plan for the Centralbank.
Estonia	No
Finland	Yes	Annually
France	Yes	It is revised at least every year.
Germany	Yes	on a continuous basis
Greece	Yes
Hungary	Yes	Annually
Iceland
Ireland	Yes	annually
Israel	Yes	Annually.
Italy	Yes	The DMO relies on the Treasury Department ICT infrastructure, based on an Active/Active Data Centers architecture. The Data Centers are physically located in two different sites more than 10 km away. Load balancers are used to split the workload and synchronous replication is adopted to maintain data alignment between the two Data Centers. Further, a local tape backup is performed on a daily basis to provide a recovery point in case of a severe out-of-service affecting both the Data Centers. The plan is reviewed yearly.
Japan	Yes	We formulated the Business Continuity Plan including Operation Guidelines on how to carry out high priority operations in the event of a disaster and revise it every year
Korea	Yes	Review and revision are made when the crisis situation is expected to occur.
Republic of Latvia	Yes	Yes, the plan has been regularly revised and updated according to the most actual situation
Lithuania	Yes	Annually
Luxembourg	Yes	On an annual basis
Mexico (Local)	Yes	We do have a continuity plan, we have alternate offices and we have the possibility of work remotely
Mexico (External)
Netherlands	Yes	Annually
New Zealand	Yes	The Business Continuity Plan is reviewed and revised on an annual base.
Norway	Yes	Annually
Poland		Ministry of Finance (MoF) implements a business continuity management system. Some business processes carried out by Public Debt Department have been identified as critical for MoF. Business continuity plans have been developed for these processes and will be tested after the comprehensive implementation of business continuity solutions in MoF. The planned date of the tests is the second quarter of 2023. In addition, IT services are provided to the MoF by a specially established unit - IT Center of the Ministry of Finance. Some of its tasks include providing and maintaining IT services at the MoF and managing the availability, continuity and capacity of IT services (including disaster recovery plans for IT systems).
Portugal	No	IGCP has a Disaster Recovery Center where backup of critical system is hosted and daily updated.
Romania	Yes	Annual
Slovak Republic	Yes	Annually.
Slovenia	Yes	There is no prescribed period for the review/update of the plan.
Spain	No
Sweden	Yes	At least once a year.
Switzerland	Yes	The DMO is part of the Federal Finance Administrations business continuity management. On top of that, we conduct yearly business continuity testing in a second location to test all our processes.
Türkiye	Yes	There is an ongoing for establishing an Emergency Action Plan within the Ministry for the front office operations. Besides, there is an business continuity and disaster/incidence recovery plan for the whole mid (risk) and back office operations and the plan is reviewed at least once in a year.
UK	Yes	The DMO has a detailed Business Continuity Plan together with supporting documentation which are reviewed and updated regularly. DMO staff have received a copy of the Incident Management Team’s two-page guide that explains how incidents will be managed. The Incident Management Guidance is reviewed quarterly. The Incident Management Team works through exercises on a quarterly basis to ensure its readiness to manage future incidents when they arise. The Incident Management Team successfully managed three incidents caused by external factors throughout financial year 2021-22. The DMO carried out quarterly communication tests for the whole organisation so we have confidence that we can communicate with all staff during an incident

Country	Comment	Use/share arrangements with your Government	Custom arrangements used specifically by the DMO	Country additional notes (comments might include e.g. purchased security software but managed by DMO staff, or outside security company manages arrangements etc.):
Australia	Large liquidity buffer provides the flexibility to step away from markets for a number of weeks without impeding capacity of Government to meet its obligations. Overdraft facility available through the central bank as well.	X		as AOFM systems are housed within the Commonwealth Treasury's network we rely on their cyber security arrangements and leverage their reporting measures. Additionally, we comply with and report on the Attorney-General's Department's Protective Security Policy Framework, which requires us to monitor the cyber security arrangements of our service providers.
Austria	There is a fallback data center which houses the fallback system. In the case of an emergency this will be utilized to continue the regular business of the DMO.	X		Internal network ranges, applications and clients are managed by DMO staff.
Belgium	All of our payments are made by our national bank, so we mostly rely on their systems and the Target infrastructure. Our internal business continuity group does take into account situations where the normal exchanges and communications with our central bank are hampered.	X		The BDA relies on IT material, network and safety measures (a.o. firewall, parallel servers, …) of the Belgian State
Brazil	The major IT payments systems use a dedicated network environment, preventing from general cyberattacks. Also, there is a strong backup strategy to prevent data loss.	X
Bulgaria	The Bulgarian National Bank acts as a fiscal and paying agent of the government and organizes the government securities auctions. The Ministry of Finance has established links with the Bulgarian National Bank.	X
Canada	Cyber threats represent a continued vulnerability given the interconnected nature of the financial system. With the ongoing war in Ukraine, state-sponsored cyber-attacks are occurring with greater frequency and sophistication, increasing the risk of a successful attack on a Canadian financial institution or financial market infrastructure. Such an attack could have far-reaching effects on the broader financial system. The following measures are in place to address these contingencies: • Multiple Data Centres able to be leveraged. • Internal Cyber Response Team provides 24/7 monitoring and response capabilities and fully integrated into the Bank’s Incident Management Team. • DMO has contingency plans in place for alternate processing capabilities in the full/partial absence of technology.		X	• Fully functioning internal Cyber Security group. • Internal Cyber Response Team provides 24/7 monitoring and response capabilities and fully integrated into the Bank’s Incident Management Team. • We also work hand-in-hand with our federal governments Cyber Security departments and employ various third parties providing additional cyber protection (e.g., DDOS protection, etc.)
Chile	The back office functions are performed by our Treasury Department, which has a business continuity plan in case of cyberattack		X
Colombia	There is an alternate site that has connection with the Central Bank. In the event of a cyberattack, operations will be carried out through the alternate site.
Costa Rica	The service providers for negotiation, placement, registration and payment of internal debt (and external only payment), which are the Central Bank of Costa Rica, the National Stock Exchange, activated contingency or business continuity mechanisms, so as not to interrupt the service at the country level. The internal processes of affectations and budgetary records, suffered problems, and delays due to the fall of internal systems of the Ministry of Finance. The Technology Department of the Ministry of Finance immediately activates containment and recovery protocols for the systems, which have been implemented in environments with reinforced security measures to guarantee business continuity.		X
Croatia		X
Czech Republic		X
Denmark	It’s outside our domain – But sufficient contingencies is in place.	X		The Centralbank handles these risk.
Estonia	Government owned IT systems have a central protection by government agencies. DMO operations depend also on the general internet connectivity (although some contingency procedures are also in place) and cyber security level of commercial banks/national central bank that are used for debt and other payments.	X
Finland	We have implemented various measures to safeguard funding and payments during possible cyber attack.	X	X
France	We regularly improve our cyber security lines of defense.	X		Our cyber security is directly managed by the ministry of finance and economy.
Germany	We take several actions to prevent, detect and stop cyberattacks and to restore systems and data in case of incidents following the BSI IT-Grundschutzstandards		X
Greece	Follow the procedures of the disaster plan	X	X
Hungary	Intraday database/file system back-up Secondary location (geographically different from the DMO’s headquarters) The possibility to hold auctions at the premises of the Budapest Stock Exchange		X
Iceland
Ireland	Large cash balances Business continuity site		X
Israel	The Government Debt Management Unit has emergency protocols; during cyberattacks there are alternative methods in place to maintain critical functionality	X
Italy	Through a structured and collaborative model (with all government Entities in charge), which makes use of suitable professionals, custom software and hardware and software market products, all the activities that affect the infrastructures are analyzed daily and those not recognized as reliable are blocked in advance. Furthermore, to ensure the continuity of services, the infrastructure is distributed over two datacenters, located in two distinct geographic locations, which operate under business continuity. The Department of the Treasury can therefore bear the loss of an entire datacenter plus half of the infrastructure of the second datacenter without interruption of service. Finally, in the unlikely event that both datacenters become unavailable, the Department of Treasury has updated copies of all data, stored in special fireproof safes, available for immediate recovery of systems, services and data.	X		Although the Department of the Treasury makes use of dedicated technologies and services, the cybersecurity strategy, the measures to be adopted and the other aspects relating to cybersecurity are always shared with the relevant government Entities, in a bidirectional collaborative regime.
Japan	Based on the government information security regulations, we implement the security measures. And, we operate systems related to JGBs, including the JGB auction system, in an offline environment. In addition, we are prepared to respond to unforeseen circumstances by applying software security patches and implementing their version upgrades, updating anti-virus software and conducting regular scans, and backing up data	X
Korea		X		BOK-Wire+ (financial network of the Bank of Korea) is used for the issuance process
Republic of Latvia	We have taken precautions to protect sensitive information against unauthorized access and its processing. Also we have certification to the International Information Security Standard ISO 27001 which provides reassurance	X
Lithuania		X
Luxembourg		X
Mexico (Local)	In Mexico exists the National Digital Strategy 2021-2024, which among other objectives promotes a general information security policy that seeks to preserve the confidentiality, availability and integrity of the information protected by the Institutions, for this, it has been implemented an Approved Protocol for the Management of Cyber Incidents among all the Institutions of the Public Sector, in addition, security evaluations are coordinated in the Institutions for the detection of threats and thus improve the management of information security risks. There is also the National Cyber Incident Response Center that promotes good prevention and reaction practices.	X
Mexico (External)
Netherlands	Business continuity plan, including back-up and recovery, as well as alternative procedures for doing transactions and settlements.		X	Shared arrangements with the government/ministry, with exceptions on specific areas such as security monitoring
New Zealand	In addition to a range of technology controls, we would look to our transactional banker and other government financial institutions to initiate payments under our instruction.	X	x	Security is actively managed by DMO staff, leveraging cross-government and vendor capability.
Norway	The DMO is organized as a separate unit in Norges Bank and we share cyber security measures with the rest of the central bank.			The DMO is organized as a separate unit in Norges Bank and we share cyber security measures with the rest of the central bank.
Poland	1) Information security management system and solutions regarding rules of information security are developed 2) As far as the debt payments are considered in the case of cyberattack (understood as WAN failure) agreements between MoF and National Depository for Securities and State Treasury Payment Agents (National Bank of Poland and Bank Gospodarstwa Krajowego) make it possible to deliver payment instruction using alternative channels to provide information. It is also possible to deliver the instructions in paper form, duly signed and stamped.	X		Public Debt Department is a part of Ministry of Finance. There are 2 Departments responsible for cyber security: Security and Data Protection Department (sets the rules) and IT and Projects Management Department (coordinates tasks related to cybersecurity). Ministry of Finance cooperates with IT Center of the Ministry of Finance, Computer Security Incident Response Team (CSIRT GOV) and the Government Plenipotentiary for Cybersecurity.
Portugal	Data backup A Disaster Recovery Center where backup of critical system are hosted and daily updated Redundant connections (different routes).	X	x	Among others SIEM, endpoint security, network segregation, security awareness, strong authentication
Romania	The Ministry of Finance owns a secondary data center from which payment operations can be carried out. In addition, the auctions are carried out through the NBR, which has the necessary infrastructure to carry out these operations under the conditions of a cyberattack		X
Slovak Republic	2 back up sites. Continuity plan	X	X	We are using both or mixed arrangements
Slovenia	The legal basis of information security and regulation of measures to achieve a high level of network and IS security: Information Security Act (ZInfV) - http://www.pisrs.si/Pis.web/pregledPredpisa?id=ZAKO7707 Resolution on the national security strategy of the Republic of Slovenia (ReSNV-2)- http://www.pisrs.si/Pis.web/pregledPredpisa?id=RESO124 Adopted cyber security strategy, which establishes a system for ensuring a high level of cyber security- https://www.gov.si/assets/organi-v-sestavi/URSIV/Datoteke/Dokumenti/2022-03-NOKI.pdfhttps://www.gov.si/assets/ministrstva/MJU/DID/Cyber_Security_Strategy_Slovenia.pdf National Cyber Incident Response Plan- https://www.gov.si/assets/organi-v-sestavi/URSIV/Datoteke/Dokumenti/2022-03-NOKI.pdf Cyber risk assessment https://www.gov.si/assets/organi-v-sestavi/URSIV/Datoteke/Dokumenti/Ocena_kibernetskih_tveganj_v1_0_Fina_P.pdf	X		The Government Information Security Office (GISO) is the competent national authority in the field of information security, which acts as a government office. Its core mission is to increase resilience to cyber threats that can threaten individuals, businesses, government and society at large. GISO connects stakeholders in the national information security system and coordinates the operational capabilities of the system at a strategic level. It pays particular attention to subjects under the Information Security Act (ZInfV) from the group of essential service providers in the fields of energy, digital infrastructure, drinking water supply and distribution, healthcare, transport, banking, financial market infrastructure, food supply and environmental protection, from a group of digital service providers and from a group of state administration authorities. GISO is also the single point of contact to ensure cross-border cooperation with the relevant authorities of other EU Member States and with the European CSIRT Network and other international cooperation tasks. Through its own inspection service, it oversees the implementation of ZInfV. Due to being tasked with informing the Government and the National Security Council (NSC) in the case of critical incident or cyber attack, GISO is also placed within the national security system. SI-CERT (Slovenian Computer Emergency Response Team) is a designated national computer security incident response team (CSIRT) that operates within the framework of the ARNES (Academic and Research Network of Slovenia) public institute. According to tasks and responsibilities identified by NIS Directive it monitors incidents at a national level, provides early warning, alerts, announcements and dissemination of information to relevant stakeholders about risks and incidents, responds to incidents and provides risk and incident analysis and situational awareness. SI-CERT performs risk and incident handling in accordance with Article 28 of the Information Security Act, which defines following responsibilities: To the subjects for which it is responsible SI-CERT offers methodological support, help and cooperation in case of an incident; Accepts data about risks and vulnerabilities in the area of information security, shares the data with the affected systems administrators, and issues warnings; Cooperates in the network of CSIRT groups and also in other international cooperation networks; Cooperates with CSIRT groups and security-operations centers in the Republic of Slovenia and CSIRT groups in other EU Member States; Raises awareness of users in the area of information security; Issues warnings about the risks and vulnerabilities in the area of information security; Cooperates with the competent national authority and offers information upon request about performing SI-CERT’s competencies on the basis of this Act. SI-CERT also independently operates the Safe on the Internet national awareness programme on information security and participates in the SAFE-SI project. The SI-CERT response centre’s services are available to the general public. SI-CERT is financed from the fund provided to the Arnes public institute by the Government Information Security Office, which is the competent national authority in the field of cyber-security. Measurement and monitoring of incidents is published in semi-annual reports
Spain	The Spanish Ministry for Economic Affairs has multiple cyberattack measures put in place, with secure internal networks, 2-factor authentications and secure digital signatures, among others. Additionally, as our financial agent, the Bank of Spain also contributes other cyber-security measures. They have protocols put in place to guarantee the safety of our primary market issuance, with all transactions occurring inside their own safe networks. Similarly, with payments on our outstanding debt, there are multiple measures put in place together with the Bank of Spain as our payments agent, so that we can guarantee the safety of these procedures. Despite the safety of the measures currently in place, there are also contingencies in the case our network were compromised. The fact that we use an internal network would allow us to isolate from any problems. And in the case the private network itself were compromised, there are redundancies in place to continue operations as normal, both for payments and for primary market issuance.	X		The management of our cyber security is something done on the level of the entire Ministry for Economic Affairs and Digital Transformation. The Spanish Treasury has its own IT staff, but they function as a part of the Ministry for Economic Affairs. Aside from our Ministry, the Bank of Spain’s cyber security is also key for the DMO. Since they act as our financial agent, their security measures are vital for our operations. Their cyber security management doesn’t fall under our control, but since they’re a part of the Eurosystem, their security measures are up to the highest standards and we coordinate with them on this topic.
Sweden	Dialogue with Central bank and commercial counterparts	X	X
Switzerland	The Swiss DMO is part of the Federal Administration and uses the infrastructure of the Federal Government. The DMO is not responsible for cybersecurity on its own. For our funding activities, we mainly use the infrastructure provided by the SIX Swiss Exchange and the Swiss National Bank.	X		The Swiss DMO is part of the Federal Administration and uses the infrastructure of the Federal Government. The DMO is not responsible for cybersecurity on its own.
Türkiye	General Directorate of Information Technologies is responsible for ensuring the continuity of operations in case of a cyberattack event.	X
UK	The DMO has implemented number of security controls and contingency measures to protect the confidentiality, integrity and availability of the DMO IT systems that support the business operations. The DMO has two data centres. Additionally, the DMO has a Cyber Incident Response retainer - an external cyber incident management service provider to help restore and recover from cyber-attack incidents. The DMO has also put in place security tools to identify, detect, protect, respond and recover from cyber incidents		X	The DMO has purchased security software but managed by the DMO internal security team. Security measures are verified by external assessments like SWIFT CAF, penetration testing, third party reviews and Departmental Security Health Checks (DSHC).

	Answer	Comment
Australia	No
Austria	Yes	1) The OeKB - which acts on behalf of OeBFA as the auction agent for government bonds and bills - introduced a Blockchain-based data notarization for the government auction in October 2018. Blockchain-based data notarization involves using an encryption method for documents to derive a unique electronic fingerprint, known as the hash. This hash is unambiguously assignable to the original document, but conversely does not allow conclusions to specific data content. This notarization service provides a trail to verify the authenticity of data, thereby ensuring the greatest possible degree of data security. Notarization is a new additional support element for the auction process. 2) DELPHI In July 2021, the Oesterreichische Nationalbank (OeNB) joined forces with the OeKB CSD, the Austrian Treasury (OeBFA), Raiffeisen Bank International and Erste Group Bank to launch a joint research project (DELPHI / Delivery vs. Payment Hybrid Initiative) to simulate both the issuance and settlement of Austrian government securities as security tokens on a blockchain platform. Besides exploring digital bond issuance and related processes, DELPHI addresses the legal requirements – with a view to assessing compatibility with applicable EU and national law. Moreover, another DELPHI substream evaluates the potential for tailoring the project’s solution to evolving market needs.
Belgium	No
Brazil	No
Bulgaria	No
Canada	Yes	The Bank of Canada began experimenting with blockchain in 2016 with a series of experiments under the name Project Jasper. In Phase 1 and 2, in partnership with Payments Canada and the large Canadian banks, we built interbank wholesale payments systems using Ethereum and Corda, respectively. In Phase 3 we built a securities settlement system for DvP settlement of equity transactions in central bank wholesale money. In Phase 4, with the Bank of England and Monetary Authority of Singapore, we investigated frictions in cross-border payments and built a cross-border payment system between Singapore (using a Quorum platform) and Canada (using a Corda platform). We are continuing to investigate blockchain for possible use in securities settlement or possibly in a retail CBDC. All of this work has been to better understand the technology, its benefits, and its limitations. No decision has been made about using blockchain for any use case. Reports summarizing our research and conclusions can be found at https://www.bankofcanada.ca/research/digital-currencies-and-fintech/projects/.
Chile	No	The Central Bank of Chile has made an assessment of the pros and cons of implementing a Central Bank digital currency, but it is not related to DMO initatives
Colombia	No
Costa Rica	No
Croatia	No
Czech Republic	No
Denmark	No
Estonia	No
Finland	No
France	Yes	In June 2021, the Agence France Trésor has participated in the simulation of a permssioned blockchain issuance of bonds, followed by several secondary market operations. The experimentation was conducted in relation with the Banque de France as well as with primary dealers and the French CSD Euroclear.
Germany	No
Greece	No
Hungary	No
Iceland	No
Ireland	Yes	ECP blockchain project
Israel	Yes	The Government Debt Management Unit, in partnership with the Tel Aviv Stock Exchange (TASE), is formulating a joint project to test the business and technological feasibility (Proof of Concept or “POC”) of issuing State of Israel government bonds in a digital format. The digital bonds would be issued on a new platform for trading and clearing digital assets, based on Distributed Ledger Technology (“DLT”), smart contracts, and tokenization. The POC will be carried out by a joint working group that includes representatives from the Accountant General’s Office, technology suppliers, as well as a select number of Market Makers. As part of the project, a new process for issuing digital government bonds will be defined. From this process, certain segments will be selected to run the POC feasibility test. The POC may include crediting the accounts of the selected Market Makers with digital bonds, clearance of digital bonds, etc. It is important to note that at this stage any digital bonds issued would be dummy bonds, purely for POC purposes, no actual securities and/or funds will be transferred. The TASE and the Accountant General's Office will, at the project’s conclusion, examine the added value and relevance of the innovative processes tested and developed. With the hope that the project will help improve how those processes are carried out today.
Italy	Yes	The Department of the Treasury has participated in various study groups related to distributed ledger technology and blockchain. Although there is no practical implementation yet, these technologies are points of interest for the foreseeable future.
Japan	No
Korea	No
Republic of Latvia	No
Lithuania	No
Luxembourg	No
Mexico (Local)	Yes	The Development Bank have explored this type of opportunities. As an example, in november 2021, Nafin successfully placed 10 billion pesos, through 3 stock certificates in the local market, 2 of them sustainable with a digital focus. The financial design of this bond is unique in its kind as it incorporates a digital approach to safeguard the sustainability criteria associated with the issue. With this issue, Nafin contributes to the development of a local market for sustainable instruments by establishing market benchmarks for corporate sustainable financing programs. The resources will be allocated to priority investment projects to promote national and regional economic development, with special emphasis on those that contribute to achieving a balance between social, economic and environmental factors. This issuance is in line with Nafin's accreditation as a Direct Access Entity with the Green Climate Fund.
Mexico (External)
Netherlands	Yes	The project we are involved in tries to use Blockchain technology to compact the settlement process of Euro Commercial Paper (ECP) issuance from a couple of hours with a lot of manual steps into an automated process that takes only a couple of seconds. This will lead to more possibilities for T+0 settlement of ECP and therefore longer access to daily liquidity. Within the project multiple issuers and investors are involved as well as legislators and other governing bodies. More generally we are monitoring developments around digital (blockchain) bonds and potential benefits and costs but do not have concrete plans to issue (pilot) digital bonds in the near future
New Zealand	No	We engage with peers, and keep across developments in this space, but have no active projects to leverage DLT.
Norway	No
Poland	No
Portugal	No
Romania	No
Slovak Republic	No
Slovenia	No	Legislation that would comprehensively regulate blockchain technology has not yet been adopted in Slovenia. Due to the risks that exist in dealing with virtual currencies, this area is partially regulated by the Law on Prevention of Money Laundering and Financing of Terrorism (ZPPDFT-2). Article 3 of the law defines the concept of virtual currency. Research or a comparative review within the framework of the Parliament on the subject of Blockchain technology exists.
Spain	No	The Ministry for Economic Affairs in Spain, to which the Spanish Treasury belongs has recently also incorporated the Digital Transformation under our Ministry’s responsibilities. The Spanish Treasury participates in talks regarding the development of a Euro-area Central Bank Digital Currency (CBDC), but the DMO is not directly involved in these discussions.
Sweden	No
Switzerland	No	The Swiss DMO does not have a mandate in this area; this is part of the mandate of other parts of the Federal Administration and the Swiss National Bank. The Swiss National Bank as well as the Swiss Exchange SIC with their Swiss Digital Exchange SDX – the world’s first regulated DLT-based financial market infrastructure – are active in the field of DLT. E.g. BIS, SNB and SIX have successfully tested wholesale CBDC settlement with banks (“Project Helvetia”). Another Example is “Project Jura”, where Banque de France (BdF), SNB and BIS have successfully completed an experiment in cross-border wholesale CBDC.
Türkiye	No
UK	No	Ministers at HM Treasury have announced that the UK government is undertaking a programme of work to understand how Distributed Ledger Technology could be applied to the lifecycle of a sovereign debt instrument. The UK DMO is working with HM Treasury on this project, which will take place over a multi-year programme of work.

Country	Facilitate tokenized securities	Safer processing of securities settlement	Quicker processing of securities settlement	Reduce counterparty risk	Improve non-residents’ demand at auctions	Improve confidentiality and traceability of transactions	Specify (i):	Specify (i):
Australia
Austria			X
Belgium		x	x			x
Brazil				X	X	X
Bulgaria
Canada	X	X	X	X
Chile	X
Colombia
Costa Rica
Croatia		x	x
Czech Republic
Denmark	X						Not sure there is any specific advantages for a wCBDC compared to the existing system.	X
Estonia							We have not explored this topic and cannot specify any advantages at the moment	X
Finland
France	X		X	X	X
Germany
Greece		X	X	X
Hungary							such instruments are in the very early phase of development and testing, the potential advantages for public debt management cannot be seen clearly at this stage yet	X
Iceland
Ireland	X	X	X	X
Israel	X		X	X
Italy	X		X		X
Japan
Korea	X		X
Republic of Latvia							Currently, this is not a topical issue for Latvia’s DMO	X
Lithuania
Luxembourg
Mexico (Local)	X	X	X	X	X	X

Netherlands	X		X
New Zealand
Norway
Poland	X	X	X	X	X	X
Portugal	X	X	X	X		X
Romania		X	X	X		X
Slovak Republic	X	X	X
Slovenia	X	X	X		X
Spain	X	X	X
Sweden			x
Switzerland		X		X
Türkiye		x	x	x	x	x
UK	X	X	X	X		X

Country	Longer on average	Shorter on average	Around the same	Country additional notes
Australia			X
Austria			X	Austria has the longest sovereign debt portfolio in the Eurozone with an average tenor of over 11 years. Because of the volatile market conditions and uncertainties regarding the further monetary policy development we decided to not increase the tenor further and continued with our conservative funding strategy. With an average tenor of around 13.70 years the bonds issued in 2022YTD* were slightly shorter than in the previous year (2021: 14.96 years). *As of September 22, 2022
Belgium			X	The average maturity of our debt is already very long (>10 years) and has even increased a little further. This is still in line with our debt management strategy.
Brazil	X			The perception of local risks has been decreasing throughout 2022, especially due to the Brazilian Central Bank signaling the end of the monetary tightening cycle, data showing a disinflationary process and an electoral scenario that brought little volatility to the market.
Bulgaria			X
Canada		X		The Government of Canada manages its funding plan according to the annual Debt Management Strategy (DMS). The funding plan for fiscal year 2022-23 was released in April 2022 and can be found here: Annex 2: Debt Management Strategy \| Budget 2022 Canada will continue, as much as possible, to fund the remaining COVID-19-related debt through long-term issuance. This strategic direction will provide security and stability to the government balance sheet by lowering annual debt refinancing needs and providing more predictability in public debt charges. Over the course of 2021-22, federal government allocation of long bonds was about 45 per cent. The government is now proposing to target about 35 per cent in long bond issuance in 2022-23 to fund the remaining COVID-19-related debt through long-term issuance while also maintaining a well-functioning market in other issuance sectors.
Chile	X
Colombia	X			The average life of our debt increased from 9.54 years in August 2021 to 9.90 years in August 2022.
Costa Rica	X
Croatia		x
Czech Republic		X		The average time to maturity of newly issued medium-term and long-term government bonds was 8.8 years in 2021, while this year (end of September) it is approximately 7.6 years. A lower average time to maturity of newly issued medium-term and long-term government bonds is mainly given by the persistent uncertainty in the financial markets due to the situation in Ukraine and increased issuance activity at the short end of the yield curve in the second quarter of 2022.
Denmark		X		Less demand for duration have shortened the average maturity for issuances in 2022
Estonia			X	Estonia has minor funding needs.
Finland			X
France		X		Average maturity of bond issuance has shortened by around 1 year on average in 2022 vs. 2021, when it was exceptionally long given the launch of a new 50 year bond.
Germany			X
Greece		X
Hungary		X		In the domestic wholesale bond market the ATM of new issuances is roughly the same (only slightly lower, partly due to the fact that the central bank stopped its QE in December 2021). T-bill issuance is higher in 2022. Foreign currency bond issuance is done with shorter maturities than in 2021.
Iceland	X			Two new series were issued in 2022. A 20 year nominal bond and a 15 year inflation-linked bond.
Ireland			X
Israel			X
Italy			X	Despite the worsening of market conditions in recent months, the average life of our debt remained stable compared to last year. At the end of September , the average life relative to the stock of government bonds was equal to 7.12 years, slightly above 7.11 years at the end of 2021. This was attributable to various issues on the long end of the yield curve, carried out both through auctions and with the launch - through a placement syndicate – of new benchmark securities (30-year BTP, 15-year BTP, 10-year BTP€I, 12-year BTP green, 8-year CCTeu ).
Japan	X
Korea	X
Republic of Latvia	X	X		Change in maturities represent change of investor demand and general market situation
Lithuania		X		Average maturity increased from 12.4 years in 2021 to 6.1 years in 2022 YTD.
Luxembourg			X
Mexico (Local)	X			Local Market Debt Given the maturity requirements of the domestic debt portfolio, the Federal Government had a preference to offer longer duration instruments to the investors. The average time to maturity (ATM) of local debt issuances has slightly increased, in 2021 was of 7.3 years; while for 2022, it was 7.8 years.
Mexico (External)		X		External Market Debt Given the global macroeconomic situation, with rising interest rates and the possibility of a recession, many investors changed their investment strategies leading to a demand for a lower duration in their portfolios. The average term to maturity of external debt issuances in 2021 in US dollars was 35 years and 19 years in euros; while for 2022, it was 18 years in US dollars and 8 years in euros.
Netherlands	X
New Zealand			X	There are no plans to extend the New Zealand Government Bond curve beyond the 30-year point. With regular issuance into tenors across the curve, the average weighted term to maturity is expected to stabilise around current levels.
Norway	X			For the first time Norway has issued a 20-year bond, in line with the borrowing plan for 2022 released in December 2021
Poland		X		In the period from January 2022 to August 2022 the average maturity of new issuance slightly decreased from 7 years to 6.4 years.
Portugal		X		The average maturity of medium-and-long-term issuance in 2022 dropped from 14.2 year in 2021 to 12.3 years
Romania	X			Due to the market developments and monetary policy stance, the structure of maturities changed from mainly medium to long term
Slovak Republic			X	Both years the average maturity of new issuance in each year around 15 years.
Slovenia			X	On the long end of the curve a 60 year bond was issued in Q1 of 2021, while in 2022 the longest maturity issued has been a 40 year bond and the likelihood of a new ultra long new line is uncertain in the coming months /years.
Spain			X	We have made significant efforts over the past years to lengthen the average life of our debt portfolio. We finished 2021 with an average life of 8 years and we plan to finish 2022 with a similar number. This is achieved by a similar maturity structure in our issuance. One of the ways we will achieve this is with a negative net issuance of short-term issuance of 5 billion euros for 2022.
Sweden	x			Limited supply of bonds has meant we have to focus more on 10y part of the curve in order to build up the outstanding stock.
Switzerland	X			The average time to maturity of the bonds tapped in 2022 is longer than in 2021. This is mainly due to the changes in interest rates (higher yields, longer end of yield curve in positive territory whereas this part offered negative yields in most of 2021) and corresponding higher demand for long-term bonds.
Türkiye	x	x		Türkiye’s one of the main pillars of borrowing strategies for 2022 is to increase maturity of domestic borrowing. In domestic market, we have chosen to go with longer maturities in 2022. As of August 2022, cumulative domestic borrowing maturity is 65.6 months which was 53.5 months at the end of the 2021. However, due to the increased volatility in global markets, we have chosen to go with shorter maturities in international capital markets in 2022.
UK			X	The skew of issuance, which shows the amount of issuance of short (1-7 years), medium (7-15 years) and long nominal gilts (15+ years) as well as that of inflation-linked gilts is decided on a financial year basis. The planned maturity structure of conventional issuance in 2022-23 at the start of the financial year was very similar to that planned in 2021-22. The initial share of shorts rose by 0.4 percentages points (pp) compared to the start of 2021-22, that of mediums fell by 1.0pp, and the share of longs rose by 0.5pp). The proportion of planned index-linked issuance rose by a slightly larger amount by 3.8pp (to 14.9%). In the past year the UK DMO has lengthened both its real and nominal yield curves, with the launch of 0?% Index-linked Treasury Gilt 2073 in November 2021 (which lengthened the real curve by five years) and of 1?% Treasury Gilt 2073 in February 2022 (which lengthened the nominal curve by two years). In 2021-22 the weighted average maturity of issuance was 17.4 years, whereas for 2022-23, as at 7 September 2022, the weighted average maturity of issuance stands at 16.1 years.

Country	Please cross:	Number of issuance of securities across the yield curve	Volume of issuance of securities across the yield curve	Issuance of money market instruments (i.e. T-Bills and repos) compared to issuance of long-term bonds	Introducing new maturity lines	Issuing new types of securities (e.g. FRNs, Green bonds, Linkers)	Auction calendar
Australia	Yes	No change	Lower	Lower	Yes	No	Yes
Austria	Yes	No change	No change	Higher	No	Yes	No
Belgium	No
Brazil	Yes	No change	No change	No change	Yes	No	Yes
Bulgaria	Yes	Higher	Higher	No applicable	Yes	No	Yes
Brazil	Yes	No change	No change	No change	Yes	No	Yes
Canada	Yes	Lower	Lower	Higher	No	No	No applicable
Chile	Yes	No change	Lower	Lower	No	Yes	No
Colombia	Yes	No change	Lower	No change	No	No	No
Costa Rica	Yes	No change	Higher	No applicable	Yes	No	No
Croatia	Yes	No change	No change	Lower	Yes	No	Yes
Czech Republic	Yes	Higher	Higher	Higher	Yes	No	Yes
Denmark	No
Estonia	No	Higher	Higher	No change	No applicable	No applicable	No applicable
Finland	No	No change	No change	No change	No	No applicable	No
France	No	No change	No change	No change	No	No	No
Germany	No
Greece	No	Lower	Lower	No change	Yes	Yes	No
Hungary	Yes	Higher	Higher	Higher	Yes	Yes	Yes
Iceland	No
Ireland	Yes		Lower
Israel	Yes	Lower	Lower	No applicable	No	No	No
Italy	No	No change	No change	No change	No	Yes	No
Japan	Yes	No change	No change	No change	No	No	No
Korea	Yes	No change	Higher	No applicable	No	No	No
Republic of Latvia	Yes	Lower	Higher	No change	No	No	Yes
Lithuania	Yes	No change	Higher	No change	No	No	Yes
Luxembourg	No	No change	No change	No change	Yes	No	No applicable
Mexico (Local)	No	Higher	Higher	No change	Yes	Yes	Yes
Mexico (External)	No	No applicable	No applicable	No applicable	No applicable	No applicable	No applicable
Netherlands	Yes	Lower	Lower	Higher	No applicable	No applicable	No
New Zealand	Yes	No change	No change	No change	No	Yes	No
Norway	No	No change	No change	No change	No	No	No
Poland	No
Portugal	Yes	No change	Lower	No change	No	No	No
Romania	Yes	No change	Higher	No change	No	No	Yes
Slovak Republic	No
Slovenia	Yes	Higher	No change	No change	No	No
Spain	No
Sweden	No
Switzerland	Yes	No change	No change	Lower	No	No	No
Türkiye	Yes	Higher	Higher	Lower	Yes	Yes	No
UK	No	No change	Higher	Higher	Yes	No	Yes

Country	Frequency of auctions	Post-auction option facility (non-competitive bids)	Buybacks	Switches (including conversion)	Use of syndications	Use of private placements	Others (e.g. use of repo markets for funding, changes in currency composition etc.) SPECIFY	Others (e.g. use of repo markets for funding, changes in currency composition etc.) SELECT	Country additional notes
Australia	No change	No applicable	No applicable	No applicable	No change	No applicable
Austria	No change	No change	No change	No change	No change	Higher			Issuance of green bills was a new feature in 2022.
Belgium
Brazil	No change	No change	No change	No applicable	No applicable	No applicable	No applicable	No applicable	The only changes we made comparing to the original 2022 plan were in the floating rate bonds (LFT) benchmarks. We started 2022 issuing 2 LFT maturities (3-years and 6-years). From the second quarter on we changed to only 1 (6-year). We also altered the original planned maturity of the 6-year LFT from Sep/28 to Mar/29 in the last quarter.
Bulgaria	Higher	No applicable	No applicable	No applicable	No applicable	No applicable
Brazil	No change	No change	No change	No applicable	No applicable	No applicable		No applicable
Canada	No change	No change	No change	No change	No change	No applicable			Due to lower than projected financial requirements, Canada has cut planned issuance across tenors for fiscal year 2022-2023. This has included suspending issuance in the 50Y sector, along with lower volume of issuance across the yield curve.
Chile	Lower	No applicable	No change	No change	No change	No applicable			Due to lower fiscal needs, the original debt issuance plan, which contemplated USD 21bn, was adjusted to USD 15 bn
Colombia	No change	No change	No applicable	No change	No applicable	Lower		No change
Costa Rica	No change	No applicable	No change	Higher	No applicable	No applicable		No applicable
Croatia	No change	No applicable	No applicable	No applicable	No change	No applicable		No change
Czech Republic	Higher	No change	No applicable	No applicable	No applicable	No applicable		No applicable	In 2022, the planned financing needs increased mainly due to higher planned state budget deficit compared to the one originally approved. Original plan of state budget deficit amounted to CZK 280 billion, actual state budget deficit, which has been approved by the government in July, is planned at the level of CZK 320 billion with a certain possibility that the final deficit approved by the Chamber of Deputies will be even higher
Denmark
Estonia	No change	No applicable	No applicable	No applicable	Higher	No applicable		No change
Finland	No change	No applicable	No applicable	No applicable	No change	No applicable		No applicable
France	No change	No change	No change	No change	No change	No applicable		No change
Germany									Our annual issuance planning published in advance is very precise, including exact sizes planned for each upcoming auction. In this respect, it is proven practice to slightly adjust the planning before a quarter if needed. However, this is not to be described as a change of funding strategy.
Greece	No change	No change	No change	No change	Lower	No change
Hungary	Higher	No change	Higher	Lower	Higher	No applicable		No change
Iceland
Ireland	Lower
Israel	No change	No change	Higher	Lower	No change	No change		No change
Italy	No change	No change	Higher	No change	No change	No change	Repo facility	Higher	In 2021, cash management was characterized by the introduction of the repurchase agreement (Repo) activity, which generated positive effects both in terms of efficiency in raising and investing cash and in the management of distortions in the market. The constant positive spread between BOT rates and Repo rates with the same maturity allowed, compatibly with the Treasury's cash requirements, greater flexibility and more efficient funding compared to conventional instruments. On the other hand, the targeted offer of the securities most in demand on the secondary market has allowed the reduction of specialness and limited the discrepancies between the yields of securities belonging to the same segment.
Japan	No change	No change	No change	No applicable	No applicable	No applicable		No applicable	The number of issuances of JGB and the calendar-base JGB Market Issuance of the revised FY2022 JGB Issuance Plan have not changed from those of the initial FY2022 JGB Issuance Plan. This is because the increase in the amount of newly issued bonds was offset by the reduction in the amount of front-loading issuance of Refunding Bonds.
Korea	No change	No change	No applicable	No applicable	No change	No change
Republic of Latvia	Higher	No change	No change	No change	Lower	No change		No change	Changes are related to : 1) More exploring domestic market 2) Shorter maturities, because these reflect investor demand 3) Issuance of larger volumes to maintain increased cash buffer 4) Flexibility in structuring the offer in auctions 5) More regular auctions when markets are supportive and investors are active
Lithuania	No change	No change	No change	No change	Lower	No change		No applicable
Luxembourg	No applicable	No applicable	No applicable	No applicable	No change	No applicable		No applicable
Mexico (Local)	No change	No change	No applicable	Higher	Higher	No applicable		No applicable
Mexico (External)	No applicable	No applicable	No applicable	No applicable	No applicable	No applicable		No applicable	Since the external debt issuances seek to cover the Federal Government needs, by taking advantage of market conditions in an opportunistic manner, they are designed to provide the most flexibility to prevailing market conditions. Therefore, the Federal Government does not have a fixed strategy throughout the year.
Netherlands	Lower	No change	No change	No applicable	No applicable	No applicable
New Zealand	No change	No applicable	Higher	No change	Higher	No applicable			Explanation of the changes relative to original 2022 funding plans: Issuing new types of securities: New Zealand will issue its first Sovereign Green Bond in late 2022. Use of syndications: NZD 2.5 billion of 20 September 2035 inflation-indexed New Zealand Government Bonds have been issued via syndicated tap. Buybacks: NZD 1.5 billion of 20 September 2025 Inflation-Indexed Bonds have been repurchased, concurrent with the syndicated tap.
Norway	No change	No applicable	No change	No applicable	No change	No applicable
Poland
Portugal	Lower	No change	No applicable	No applicable	No change	No change			In 2022 the number of syndications and auctions was according with the initial plan until June (despite a lower issuance volume). In July the T-Bill auctions was canceled and an expected T-Bond auction window in that month was not used, mostly due to a better budget execution and an increase of net issuance of the retail products.
Romania	No change	No change	Higher	Higher	No change	Higher		No change
Slovak Republic									Syndicated deal was planned for first half of the year but is postponed to second half. However, the total issuance for the year should be fulfilled as originally planned.
Slovenia			No change	No change	No change	Higher
Spain									We have not made changes in our funding strategy with respect to our original 2022 funding plan. This is largely because of the prudent estimates that we make in our initial funding plans. Despite the outbreak of the war in Ukraine and the energy crisis across Europe, our initial funding plan has proven large enough to accommodate the increase in government spending. It is also worth mentioning that despite the increase in government spending, there has also been an increase in tax revenues which have helped finance this additional government spending.
Sweden
Switzerland	No change	No applicable	No applicable	No applicable	No applicable	No applicable		No applicable	Our original issuance program for 2022 foresaw a relatively large amount of T-bills. At the same time, we knew that uncertainty over cash flows was still very elevated. Because of this we again used target ranges for our bills instead of a target volume. As the changes to our issuing program were much lower than in the previous year and we were able to hold our bill program within the target range or very close to it, we did not have to communicate the changes to the market participants.
Türkiye	No change	No change	No applicable	No applicable	No change	No change			The table given above is filled according to the domestic borrowing market data. The total domestic roll over ratio was planned to be 103% in 2022 Treasury Financing Program which was published in October 2021. Although this ratio is main target for our domestic borrowing program, investors' demand for long-term fixed-income TL-denominated securities has increased as a result of the reserve requirement, collateral and loan regulations made by the CBRT in recently. In this context, it is considered that domestic borrowing and share of long-term fixed-income TL denominated securities could be increased to meet the needs of the market, therefore the domestic debt rollover ratio may increase slightly by the end of 2022. Due to the higher amount of FX denominated borrowing operations in domestic markets, it has been revised the total amount to be raised via international capital markets operations.
UK	No change	No change	No change	No change	No change	No change		No change	A modest increase in planned gilt sales in 2022-23 was announced on 26 April 2022, when planned gilt sales rose by GBP 6.8 billion (to GBP 131.5 billion). The planned contribution to debt financing by Treasury bills rose by GBP 7.0 billion to GBP 30.2 billion on 26 April 2022. On 31 August 2022 the DMO announced plans to launch a new conventional gilt maturing on 29 January 2027 on 12 October 2022.

Australia	Oversized orders from Hedge Funds in syndications remain a feature. Behavior of markets participants (investors/intermediaries) broadly unchanged from recent experience.
Austria	In 2021 the bid/cover ratio normalized with an average value of 2.29x, close to its long-term average of 2.33x (2009-2022YTD). In 2022YTD the average bid/cover ratio at government bond auctions was 2.12x. The syndicated bond issuances oversubscription was 8.18 in 2021 (='highest' value ever recorded) and 6.65 in 2022YTD
Belgium	We haven’t observed any changes in auctions. The oversubscription in the syndicated transactions was a little less than in previous years, but still high compared to pre-QE years.
Brazil	Yes. The end of the monetary tightening cycle brought strong local demand for fixed rate bonds. In addition, data showing a disinflationary process in recent months led to a decrease in demand for inflation-linked bonds.
Bulgaria	The investor demand has decreased due to higher global debt market volatility.
Canada	None
Chile	During the last years, we have observed new accounts coming with an ESG mandates, which are less price sensitive than vanilla accounts.
Colombia	There have not been any changes in investor behavior in the participation in the auctions.
Costa Rica	Preference for Inflation-linked bonds, significant pressures on interest rates, as a result of increases in the Central Bank monetary policy rate. Uncertainty about the local and international macroeconomic situation, and significant dispersions in the bids received in auctions.
Croatia	Lower investor demand
Czech Republic	There was a temporary shift in demand to the shorter end of the yield curve in the first half of 2022.
Denmark	The increased volatility have led to more volatile demand at the auctions. At some auctions the event risk is very high as it might coincide with other market moves (e.g. extraordinary ECB meeting at the same time as one of our auctions.)
Estonia	Estonia is a very infrequent issuer. There was less competition in the latest T-bills auction in June 2022.
Finland
France	No significant change
Germany	No
Greece	No
Hungary	Number of PDs interested in FRNs has slightly increased; syndications for the foreign currency denominated government bonds have been harder (more flexibility, transparent communication is needed, proper timing and volume is crucial).
Iceland	Due to steep increases in policy rates investors have been reluctant to buy longer dated T-bills (6-12 months)
Ireland	No significant changes
Israel	No significant changes
Italy	During the past syndicated transactions, in some circumstances we have noted an inflated amount of orders coming from fast money accounts that misrepresented the underlying value of the book. However, in the recent transactions, we observed a significant reduction of this phenomenon
Japan	Auction participants’ behavior such as “successful Bids Share for JGBs by Investor type” and “bid-to-cover ratio” at the time of auctions has not changed in particular.
Korea
Republic of Latvia	Yes, the demand of longer tenors mostly is limited due to the market volatility, increasing yields and geopolitical risks
Lithuania	Significantly smaller demand both in auctions and in syndicated deal, very limited oversubscription.
Luxembourg	No specific observations
Mexico (Local)	Local Market Debt Due to current market conditions, we have observed participants have shown higher demand for floating rates instruments. Foreign investors are focusing on instruments on the long-end side of the curve, revealing preferences for 10 and 30 years bonds on the run, but also on inflation-linked bonds. Additionally, some local participants have shown a preference for liquidity, demanding instruments on the short-end of the curve.
Mexico (External)	External Market Debt Due to current market conditions, we have observed that investors are currently showing more appetite for short and medium term debt than long term debt; also, they require higher liquidity premiums.
Netherlands	We don’t have information on this for tap auctions as we only see the end orders from primary dealers. On the DDA side we do have more information and there seems to be no change in behavior as compared to previous years
New Zealand	No
Norway	We experience some challenges in investor demand in bill auctions. In general, high market volatility and lower liquidity will affect investor behavior to some extent.
Poland	Due to monetary policy tightening cycle and geopolitical risks, market sentiment has worsened and investors demand in auctions has decreased compared to the same period of 2021. We have not observed any changes in Syndications on foreign market.
Portugal	During 2022, the order size of the books has decreased (approx. half of 2021’ book size). IGCP has witnessed a drop in large orders in syndications, mostly from real money accounts and Hedge Funds (the HF accounts have dropped the relative participation more in April syndication than in January syndication). This past behavior led to a certain difficulty in assessing the quality of the demand and consequently to set the final price for new issuance.
Romania	A very high volatility of the submitted orders was observed, influenced especially by the news in the market. In addition, there were significant differences between the amounts attracted in the same month, similar auctions registering different interest. There is also a concentration of investors' interest in bonds issued in the medium and long term, especially maturities longer than 5 years and bonds included in the regional indices
Slovak Republic	Investors more cautious in placing bids in auctions because of the environment with increasing yields.
Slovenia	Less interest for taps of longer dated lines recently
Spain	Similarly to what we reported last year, we have noticed larger orders from certain investors in our syndications. Also, we have noticed a slight general upward trend in New Issue Premiums in syndications across the European Government Bond space, when compared with 2020 and 2021 funding conditions.
Sweden
Switzerland	Participation in our auctions was more or less on the same level as in the previous year. It was surprising to see that demand for long-term bonds was higher than for medium-term bonds even though volatility was high, the yield curve was inverse in that part of the curve and monetary policy got more and more restrictive over the last 12 months.
Türkiye	Due to the higher amount of FX denominated borrowing operations in domestic markets, we have revised the total amount to be raised via international capital markets operations.
UK	Market participation at gilt auctions, as measured by the average cover ratio, has continued to remain relatively robust. The average cover ratio at gilt auctions in 2022-23 to-date is 2.49x (compared to 2.41x in 2021-22). It had been reported to us anecdotally, and we had observed, oversized orders placed at syndicated offerings (i.e. where bidders submit bids that are larger than the amount they want/expect to be allocated in the transaction). We also understand that this experience was not unique to the UK. We communicated to our primary dealers that we did not find this approach to submitted orders to be helpful, in that it may make allocations more difficult for the dealers themselves, whose responsibility it is to decide the allocations based on the DMO’s high level steer. Following this communication, we have noted that the practice of overbidding has diminished.

Country	Issuance techniques	Instruments choice	Management of refinancing risk	Borrowing costs	Investor base	Investor demand	Markets absorption capacity of funding needs	Market volatility	Communication with fiscal authorities	Communication with market participants	Communication with monetary authorities	Other (i)	Other (i)	Other (i)
Australia		X		X		X		X
Austria				X	X		X	X
Belgium				X		X		X
Brazil		X	X	X	X	X	X	X	X
Bulgaria		X	X	X		X	X	X
Canada				X			X	X
Chile		X	X	X				X
Colombia			X	X				X
Costa Rica			X	X			X	X
Croatia		x	x	x		x	x	X
Czech Republic				X		X		X
Denmark							X	X
Estonia				X		X		X
Finland				X	X	X
France		X		X	X	X		X
Germany				X	X
Greece		X		X	X			X
Hungary		X		X	X	X	X	X
Iceland												X	QE has been very limited in scope in Iceland. Thus, QT will not have much impact.
Ireland		X		X	X			X
Israel		X	X	X		X	X	X
Italy		X	X	X			X	X
Japan			X	X	X	X				X
Korea						X		X
Republic of Latvia		X	X	X		X	X	X
Lithuania				X		X	X	X		X
Luxembourg				X	X	X	X
Mexico (Local)		X	X	X				X
Mexico (External)	X	X	X	X		X	X	X
Netherlands				X	X	X	X	X
New Zealand				X			X	X			X
Norway	X			X		X		X
Poland				X	X	X	X	X
Portugal				X		X	X	X
Romania				X	X	X	X	X
Slovak Republic	X			X	X	X	X	X
Slovenia		X		X		X	X	X
Spain				X				X
Sweden				X	X	X	X	X
Switzerland			X	X		X	X	X		X
Türkiye		x		x		x		x
UK				X		X		X	X		X			X

	Answer	Comments
Australia	Yes	Broadly similar
Austria	Yes	There have been no changes to the liquidity buffer practice since its implementation in the light of the uncertainties around the exact cash flows surrounding the Austrian government corona package in mid-March 2020. The liquidity buffer is the financial buffer used for the daily cash flow management to deal with normal mismatches of cash inflows and outflows within a month. In 2022 it was also used to cover uncertainties surrounding the funding of anti-inflation/energy support packages by the Austrian government
Belgium	No	We typically do not hold a formal liquidity buffer. However, in 2021 the liquidity we held was higher than usual (cf 5)
Brazil	Yes	The Brazilian National Treasury built, throughout 2021, a liquidity buffer capable of paying more than 10 months of obligations, to be prepared for a period that seemed to be increasing in uncertainties (global inflation, Ukraine-Russia, domestic elections). Throughout 2022, it was possible to maintain the liquidity buffer at the same level.
Bulgaria	Yes	The country keeps a high level fiscal reserve in the central bank
Canada	Yes	There have been no changes to the liquidity buffer practice. The liquidity plan is composed of government deposits held with financial institutions and the Bank of Canada, as well as the liquid foreign exchange reserves and are managed to provide one month's worth of coverage
Chile	Yes	We don’t have a formal buffer, but the Treasury normally maintains transitory cash, which in practice work as a liquidity buffer, but with no formal rules.
Colombia	Yes
Costa Rica	No
Croatia	No	No
Czech Republic	Yes	Liquidity buffer within single treasury accounts has been quite stable last years. There have been no changes in cash management.
Denmark	Yes	We maintain a large cash buffer, and it has been somewhat higher than anticipated due to better than forecast public finances. No questions has been asked for the desire to maintain a cash buffer.
Estonia	Yes	There have been no changes in our liquidity buffer practice. The liquidity buffer is the financial buffer used for the State’s daily cash flow management to deal with normal mismatches of cash inflows and outflows within a month.
Finland	Yes	No changes to size of the liquidity buffer
France	Yes	No significant change
Germany	Yes	At the beginning of the pandemic, we significantly expanded our buffer. Since then, we have been smoothing it back.
Greece	Yes	No.
Hungary	Yes	No change in the methodology of setting the optimal liquidity buffer levels, but it resulted in higher liquidity buffer target for the year 2022 than for 2021. The volume of cash placement by the DMO has decreased in 2022, due to the abundant liquidity of banks and monetary policy measures and developments. ÁKK introduced stand-by credit lines to increase liquidity buffer in 2022. There have been no problems in managing or communicating the use of the liquidity buffer.
Iceland	Yes	No
Ireland	Yes	No
Israel	Yes	The state increased its liquidity buffer. There have been no problems managing or communicating the use of the liquidity buffer.
Italy	Yes	Any change in our liquidity buffer practice has not been introduced in the last 12 months.
Japan	Yes	Although the fund balance on the Government Debt Consolidation Fund (GDCF) had decreased by reducing the amount of front-loading Refunding Bonds according to the 3rd revision of the issuance plan for FY2020, it has recovered because of the subsequent increases in the amount of front-loading Refunding Bonds and other factors.
Korea	No
Republic of Latvia	Yes	Increased liquidity buffer is maintained not only due to geopolitical risk and high market volatility, but to manage changing funding needs. Liquidity buffer was maintained to mitigate fiscal impact of Covid-19 pandemic, and is being kept in increased volumes at this moment No difficulties in managing or communicating the use of the liquidity buffer have been observed.
Lithuania	Yes	No changes
Luxembourg	Yes	Liquidity buffer has been increased, no problems encountered
Mexico (Local)	Yes	There has not been any changes in our liquidity buffer. The Treasury has a minimum liquidity threshold that functions as a contingency buffer. Also, Mexico has access to the IMF’ Flexible Credit Line and other International Financial Institutions resources. Regarding the short-term zero coupon bonds, there is always a buffer in order to capture more resources; furthermore, zero coupon bonds are on a range and they are communicated to participants on a weekly basis.
Mexico (External)	Yes
Netherlands	No
New Zealand	Yes	NZDM has reviewed the level of the liquidity buffer to hold on an ongoing basis to meet core objectives. The minimum liquidity buffer has been set at NZD 15 billion, which is complemented by the NZD 5 billion overdraft facility with the Central Bank. This is up from the pre-pandemic minimum liquidity buffer of NZD 2 billion, although we had recently been holding an elevated buffer due to the pandemic risks. The buffer comprises of cash and liquid highly rated financial assets denominated in New Zealand Dollars (NZD). We have had no challenges in managing or communicating the use of the new liquidity buffer.
Norway	Yes	The central government has the liquidity buffer as deposits at the central bank. There are no changes in practice over the last 12 months.
Poland	Yes	Due to elevated budget and market uncertainty the level of cash buffer remained at relatively high level.
Portugal	Yes	No changes to the liquidity buffer practice. This year’s increased uncertainty of government revenues and expenditures has put additional pressure on cash forecasting. Excess cash has been surpassing the target significantly. As a result, the 2022 funding program needed to be adjusted by reducing net issuance
Romania	Yes	The policy of the Ministry of Finance is to maintain a buffer in foreign currency to cover up to 4 months the gross financing needs. The volume of this buffer may fluctuate during the year a s a result of various repayments and new Eurobond issuances. The currency buffer is hold at NBR and is not used for other purposes than budget deficit financing and repayment of the government debt.
Slovak Republic	Yes	Higher liquidity buffer due to conservative budgetary process
Slovenia	Yes	In the last period, there were no changes regarding the liquidity buffer practice. The Republic maintains a sizeable liquidity buffer which is well communicated to the market as well as mentioned by rating agencies
Spain	Yes	As mentioned in the answer of question #5, we have increased our liquidity buffer over the last 12 months. This has been done in response to an increase in uncertainty given the global context. The increase of geopolitical tensions, the risk of gas and energy shortages for certain European countries, the changes in the monetary policy of large central banks, all of these factors could have an impact on our funding needs and financial markets in general. To mitigate risks and maintain flexibility in this new context, we have decided to increase our liquidity buffer. Additionally, the suspension of the 0% cap on sovereign deposit remuneration at the ECB has reduced the opportunity costs of maintaining this liquidity buffer.
Sweden	No
Switzerland	Yes	No, there was no change. As we have had a liquidity buffer for multiple years, there were also no problems in managing or communicating our liquidity buffer.
Türkiye	Yes	Keeping a strong level of cash reserve in order to reduce the liquidity risk associated with cash and debt management is one the main pillars of our borrowing strategy.
UK	No

	Average Time to Maturity (ATM)			Debt maturing in X months			Share of FX debt to total debt			Average time to re-fixing (ATR)
	Average Time to Maturity (ATM)			Debt maturing in X months			Share of FX debt to total debt			Average time to re-fixing (ATR)
Country	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)
Australia	X	X		X	X
Austria	X	X	X	X	X	X	X	X		X	X	X
Belgium	X	X	X	X	X	X	X	X		X	X	X
Brazil	X	X	X	X	X	X	X	X	X
Bulgaria	X	X		X			X	X		X	X
Canada	X	X		X	X		X	X		X
Chile	X	X		X	X		X
Colombia	X	X					X	X		X
Costa Rica
Croatia	x			x	x		x	x	x
Czech Republic	X	X	X	X	X	X	X	X	X	X	X	X
Denmark	X	X		X	X		X			X	X
Estonia	X	X		X			X	X		X	X	X
Finland	X	X		X	X		X	X		X	X	X
France	X	X		X	X		X	X		X
Germany	X			X			X			X
Greece	X	X	X	X	X	X	X	X	X	X	X	X
Hungary	X	X	X	X			X	X	X	X	X	X
Iceland	X	X	X
Ireland	X			X			X
Israel	X	X	X	X	X	X	X	X		X	X	X
Italy	X	X	X	X	X	X	X	X		X	X
Japan	X	X		X	X
Korea	X			X
Republic of Latvia				X	X	X	X	X		X	X
Lithuania	X	X		X	X		X	X		X	X
Luxembourg	X	X		X	X
Mexico (Local)	X	X	X	X		X
Mexico (External)	X		X	X		X	X		X
Netherlands	X	X	X	X	X	X				X	X	X
New Zealand	X	X
Norway	X	X		X	X	X				X	X	X
Poland	X	X	X	X	X		X	X	X	X	X	X
Portugal	X	X		X	X		X	X		X
Romania	X	X	X	X	X	X	X	X		X	X	X
Slovak Republic	X	X		X	X	X	X	X	X	X
Slovenia	X	X	X	X	X	X	X	X		X
Spain	X	X	X	X		X	X	X		X		X
Sweden	x	X					x	x
Switzerland	X		X	X		X
Türkiye	x	x		x	x	x	x	x	x
UK	X	X		X	X

	Macaulay duration			Modified duration			Share of fixed rate debt to total debt			Debt re-fixing of rate within X months
	Macaulay duration			Modified duration			Share of fixed rate debt to total debt			Debt re-fixing of rate within X months
Country	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)	Calculated (1)	Published (2)	Used as a benchmark (3)
Australia				X	X
Austria				X			X	X		X	X	X
Belgium							X		X	X
Brazil	X			X			X	X	X
Bulgaria	X	X		X			X	X		X	X
Canada							X	X		X	X
Chile
Colombia	X	X		X			X	X
Costa Rica
Croatia	x						X	X	X
Czech Republic				X	X		X			X	X	X
Denmark	X			X	X	X				X
Estonia				X	X	X				X
Finland				X	X		X			X
France	X			X			X	X
Germany	X			X			X			X
Greece	X		X	X	X	X	X	X	X	X		X
Hungary	X			X			X	X	X	X
Iceland	X	X
Ireland				X			X			X
Israel				X	X	X	X	X		X	X	X
Italy				X			X	X
Japan
Korea	X			X
Republic of Latvia	X	X	X	X	X		X	X	X	X	X
Lithuania							X	X
Luxembourg
Mexico (Local)				X		X	X		X	X	X
Mexico (External)				X		X	X		X	X	X
Netherlands				X
New Zealand	X
Norway				X	X
Poland	X	X					X	X
Portugal				X	X		X			X	X
Romania							X	X		X	X	X
Slovak Republic	X	X		X			X	X		X	X	X
Slovenia	X			X			X	X		X
Spain							X	X	X	X		X
Sweden	x	x
Switzerland
Türkiye	x	x					x	x	x
UK				X	X

	Other (i)	Calculated (1)	Published (2)	Used as a benchmark (3)	Other (ii)	Calculated (1)	Published (2)	Used as a benchmark (3)

Country
Australia
Austria
Belgium
Brazil	Share of floating rate debt to total debt:	X	X	X	Share of inflation linked debt to total debt:	X	X	X
Bulgaria
Canada
Chile
Colombia
Costa Rica
Croatia
Czech Republic
Denmark
Estonia
Finland
France	Shared of index-linked debt to total debt	X	X	X
Germany
Greece
Hungary
Iceland
Ireland
Israel
Italy
Japan
Korea
Republic of Latvia	Average life:	X	X
Lithuania
Luxembourg
Mexico (Local)
Mexico (External)
Netherlands
New Zealand
Norway
Poland
Portugal	Cost at Risk	X	X
Romania
Slovak Republic
Slovenia
Spain
Sweden	Share of Index linked debt	x	x
Switzerland
Türkiye
UK

	Answer	Comments
Australia	Yes	The long-term funding (and liquidity management) strategy evolves as circumstances change. It is reviewed at least annually. It would be reviewed irrespective of whether debt levels had increased or decreased
Austria	No	We do not plan to review/change our long-term funding strategy as we are confident that we are well equipped well for future challenges. The cornerstones of the Austrian funding strategy are: Diversity of funding sources (geographically and by instruments) Financial flexibility (e.g. to address specific investor demand) Monthly auctions for bonds and bills No foreign currency risk Well-balanced maturity profile Reliability, Transparency, stability-oriented approach Conservative debt management strategy with a high share of fixed-rate debt
Belgium	No	It is however possible that our strategy will be adapted as a result of the ongoing high inflation and the rising rates.
Brazil	No	That scenario has been incorporated in our strategy already
Bulgaria	No
Canada	Yes	Treasury bills, medium term (2Y, 3Y, 5Y) and long term (10Y and 30Y) nominal bonds issuances are expected to be reviewed in light of projected debt levels and market conditions. Issuance of inflation linked bonds and Green bonds are not considered in consequence of these factors.
Chile	Yes	One of the risk factors is the Pension Reform, which could later the way in which the Pension managers work in this moment. Thus, in case of a regulatory change that affects demand coming from pension managers investors, it could mean a change in the maturities (likely: shorter maturities) and even the procedures of issuing.
Colombia	No	The long-term funding strategy (published every 4-5 years) will be reviewed and updated according to an annual revision of Financial Plan and the Medium Term Fiscal Framework.
Costa Rica
Croatia	No
Czech Republic	No
Denmark	No	At the moment we have lower public debt than before Covid.
Estonia	No
Finland	No
France	Yes	Our base strategy to be transparent, predictable and to respond to investor’s demand all along our rate curve has remained unchanged for decades and has been resilient to many different market situations. The modalities of its implementation are reviewed twice per year by our Strategic Committee.
Germany	No	reviewing strategy is an ongoing process
Greece	Yes
Hungary	Yes	We use a stochastic optimal debt portfolio model to set the financing structure; the results will be available in November and they will be the basis for the strategy review.
Iceland
Ireland	No
Israel	Yes	Revising the debt maturity structure
Italy	No	The Italian Treasury funding plan is already inspired by the principles of transparency and predictability. In order to handle possible risks deriving from a national and international geopolitical scenario, the funding strategy is oriented toward managing interest rate and refinancing risks, so as to continue to keep exposure to such risks under control. Moreover, the Italian treasury has focused its debt management policy in increasing the average life of the debt to mitigate the risk of refinancing by diluting over time the volumes to place on the market and to decrease the issuer’s exposure to sudden increases in interest rates. However, the above-mentioned factors are characterized by a level of uncertainty which makes difficult to predict their evolution over time. Therefore, the Treasury funding strategy keeps a sufficient degree of flexibility in order to quickly response and adapt its funding plan to the evolution of the market context
Japan	No
Korea	Yes
Republic of Latvia	Yes	Annual funding strategy envisages that aside the core capital market instruments, the loans from international financial institutions or targeted EU loan facilities for member countries (like SURE) is good alternatives. In additions there are markets in other currencies that remain available. Latvia’s general government debt level is forecasted to be slightly above 40% in medium term. Current debt levels ensure sufficient fiscal space to implement the scenarios that would require additional borrowing needs
Lithuania	No
Luxembourg	No
Mexico (Local)	No
Mexico (External)	No
Netherlands	Yes	We extensively review our funding strategy and interest rate risk framework every six years. Every two years we conduct a smaller assessment. In these assessments we take debt levels and market conditions into account. The next smaller assessment will take place in 2023.
New Zealand	Yes	We continue to review our funding strategy.
Norway	No
Poland	No
Portugal	No	We are not planning to revise our long term funding strategy in terms of maturities or debt instruments due to the current funding conditions.
Romania	No
Slovak Republic	No	We believe in our current funding strategy thus no need for reviewing
Slovenia	No
Spain	No	We will maintain the same overarching long-term funding strategy that we have had until now, among which we can highlight the following: We will continue to maintain a benchmark program, which allows us to provide liquid reference points across our yield curve. We will continue to diversify our investor base, through investor outreach and the issuance of instruments such as green bonds or inflation-linked bonds. We will continue to maintain a long average life of our debt portfolio, to reduce our refinancing risk and improve our portfolio’s resilience. We will continue to listen to the feedback from investors and our Primary Dealers, and make sure to issue into demand, to improve the stability and efficiency of the Spanish Public Debt market.
Sweden	No
Switzerland	No	Debt levels of the Swiss Confederation have not increased by a large amount; therefore, there is no need to change our long-term funding strategy. The changes in monetary policy might have a more prominent effect on our funding strategy
Türkiye	No
UK	Yes	We keep our future funding strategy in terms of the mix and maturity of issuance and the mix between types of operation under review on an ongoing basis. The major occasions at which such a review may be implemented are (i) when designing the financing remit for the forthcoming financial year (usually each March) and (ii) at an Autumn fiscal event when new forecasts of the public finances are published

Country	Yes	No	18.1 If yes, what is your motivation?								18.2 If yes, what are the areas of activities that you consider ESG factors?
Country	Yes	No	Diversification of investor base	Aligning with government’s ESG policy	Supporting the market for sustainable finance instruments (e.g. by signaling and benchmarking roles)	Positive market story	Impact on sovereign creditworthiness	Accountability and transparency (e.g. quality of internal control and risk management functions, timely and adequate dissemination of data)	Other (i) SPECIFY	Country additional notes:	Communication and investor relations strategy (e.g. presenting information on country’s initiatives related to ESG in annual reports, newsletters, PD meetings and roadshows)	Instrument choice (e.g. green bonds, certificates etc.)
Australia	X								We consider Australian environmental and climate responses in our provision of data to our investors, in order to provide them with the Australia’s official view on these issues. Investors having been requesting this information from Australia consistently for the last three years.		X
Austria	X		X	X	X						X	X
Belgium	X		X	X	X	X					X	X
Brazil	X		X		X	X	X	X		The Brazilian National Treasury is building up a sustainable framework for external issuances, but this process is not finished yet.	X	X
Bulgaria		X
Canada	X		X	X	X	X				Canada issues only green bonds as ESG debt.	X
Chile	X		X	X	X	X		X			X	X
Colombia	X		X	X	X			X			X
Costa Rica	X		X	X	X			X		There could be a financial benefit at the interest rate level. Due to the international image of our country (migrating towards carbon neutrality), there could be a benefit in terms of yield	X	X
Croatia		X
Czech Republic		X
Denmark	X		X		X						X	X
Estonia	X			X			X			Estonia has a holistic approach to ESG factors and focuses on government level targets and performance of budget spending. Thematic bonds are currently not part of the strategy.	X
Finland	X		X			X					X
France	X		X	X	X			X			X	X
Germany	X			X	X			X			X	X
Greece	X		X	X		X	X	X				X
Hungary	X		X	X	X	X	X			In line with international efforts, Hungary is strongly committed to fighting climate change and biodiversity loss. The Hungarian government is implementing wide and overreaching climate, energy and environmental policies to transition the country to a low-carbon and environment-friendly economy. The Green Bond Framework of Hungary, created in 2020, contributes to support the government’s commitment and to raise a part of the necessary funding from the capital markets. The Green Bond Framework contributes to further diversify Hungary’s investor base.	X	X
Iceland	X		X	X	X	X	X	X		Iceland has issued a sustainable financing framework but has not yet issued a labelled bond. That is though on Treasury´s agenda when it is deemed feasible.	X	X
Ireland	X		X	X	X	X					X	X
Israel	X		X	X	X	X	X				X	X
Italy	X		X	X	X			X		ESG factors, and in particular green bond issuances, are taken into consideration when defining the issuance strategy to diversify both the investor base and the central debt securities. The issuance of green bond is aimed at financing green expenditures with positive environmental impact.		X
Japan		X
Korea		X
Republic of Latvia	X		X	X	X	X	X	X			X
Lithuania		X
Luxembourg	X		X	X	X	X						X
Mexico (Local)	X		X	X	X			X		The issuance of SDG Bonds follows several motivations. On the one hand, the Government of Mexico is committed to work towards attaining the SDG. This effort comes in hand with the commitment of closing social gaps and transit to a more sustainable society and economy. On the other hand, by issuing these instruments, as a sovereign, Mexico develops a sustainable yield curves that serves as a reference to both external and local markets, and promote the development of capital markets in sustainability. Finally, parallel to engaging with a new investors’ base, Mexico is promoting transparency in public spending and a better monitoring for the fulfillment of the commitment of the 2030 Agenda.	X

Netherlands	X			X	X						X	X
New Zealand	X		X	X	X			X			X	X
Norway		X
Poland	X		X		X							X
Portugal	X		X	X	X	X	X				X	X
Romania	X		X	X	X		X	X		Romania is in the process of creating its Green Bond Sovereign Framework and the Ministry of Finance has requested technical assistance from the World Bank regarding this project.	X	X
Slovak Republic		X
Slovenia	X		X	X	X	X	X	X			X	X
Spain	X		X	X	X	X				Spain issued its inaugural green bond in 2021. In 2022 we have tapped the green bond via auction. We will soon publish the impact and allocation reports for our 2021 green bond issuance. We carry out roadshows and meetings related to our green bond program. Additionally, when we talk with investors we also highlight Spain’s ESG efforts, especially regarding the green transition, which is a key element of our Recovery Plan, financed with the NextGenerationEU program.	X	X
Sweden		X
Switzerland	X			X	X	X		X		We will issue the Confederation's first green bond in the 4th quarter. By issuing a green bond, the Federal Council mainly aims to strengthen the position of the Swiss financial markets, set a benchmark for other issuers and increase transparency over green federal expenditures		X
Türkiye	X		x	x	x	x	x	x			X	X
UK	X		X	X	X	X					X	X

	Yes	No	Comments
Australia	X		There has been considerable interest from investors in sovereign ESG and particularly Australia’s environmental policies over the last few years. There has been interest, but to a much lesser extent in Australia’s S & G credentials
Austria	X		To a certain extent
Belgium	X
Brazil	X		Foreign investors have shown a meaningful interest in ESG aspects during roadshows and investors meetings.
Bulgaria		X
Canada		X	While there was much interest and outreach around the time of Canada’s inaugural 2022 green bond issuance, such outreach and interest has declined since.
Chile	X		We have observed during the last years the development of special departments related to ESG form the side of investors, as well as an increased interest of rating agencies to include ESG factors.
Colombia	X		There is interest from market participants regarding ESG activities. In fact, we have participated in many panels, forums, events, and bilateral meetings regarding ESG with local and international investors. Additionally, on August 5th of 2022 Colombia published the Green Bonds, Social and Sustainable Framework.
Costa Rica	X		For the local public debt market, there is little demand for ESG issues. In the last 24 months, ESG issues have boomed in the domestic market in Costa Rica.
Croatia	X
Czech Republic		X
Denmark	X		Most investors is moving towards a higher focus on ESG related factors. With the launch of our green bond we have started a much more direct conversation with our investors on ESG issues.
Estonia	X
Finland	X
France	X		Investors tend to show an increased interest in our environmental activities, notably when they investigate our green bonds. We observe that ESG is now a pillar as such in the country rating methodology of most agencies.
Germany	X
Greece	X
Hungary	X		There are frequent meetings with investors to discuss potential opportunities and risks in the ESG field.
Iceland	X		We´ve seen increased interest from investors and rating agencies.
Ireland	X
Israel	X
Italy	X		Market participants takes positively into account that the Republic of Italy has been at the forefront of international developments in the field of sustainable finance, committing itself to making finance flows commensurate with a pathway towards low greenhouse gas emissions and climate-resilient development
Japan	X
Korea		X
Republic of Latvia	X		After the issuance of the first Sustainability Bond in December 2021 (the 1st in Baltics and Scandinavia), we have been receiving increased interest from investors for re-openings or new lines.
Lithuania	X		There is interest from both investors and rating agencies
Luxembourg	X		Strong interest during issuance preparation/process
Mexico (Local)	X		The interest comes from different investors (asset managers, pension funds, among others), rating agencies, institutions and other governments that want to integrate the ESG on their investment decision making.
Mexico (External)
Netherlands	X		The Netherlands has issued its first green bond 4 years ago, and has seen a healthy appetite from investors since. Our green bond, including our EU taxonomy aligned framework, is part of the dialogue we have with our investors.
New Zealand	X		In the investor engagement activities, most investors ask questions about New Zealand’s climate risks, and they are increasingly wanting to see that issuers are aware of, and are appropriately managing, ESG related challenges.
Norway	X		We receive questions from investors whether Norway will issue ESG-bonds, and in particular green bonds. Rating agencies are incorporating ESG considerations in their reports on Norwegian government debt.
Poland	X		Interest from rating agencies
Portugal	X		IGCP has observed an increased interest in a Green bond by investors. That is mainly perceived in roadshows and in one to one meetings
Romania	X		From discussions with investors, this type of instrument would generate a high interest, better cost conditions compared to classic instruments
Slovak Republic	X		Mostly primary dealers who would like to arrange such issuance
Slovenia	X
Spain	X		We notice that both investors and rating agencies show an interest on the Spanish public sector’s efforts in the ESG-space. Because of this, we have made additional efforts to compile this information for investor outreach efforts, especially green projects, which are related to our green bond program.
Sweden	X
Switzerland	X		Strong demand for sustainable financial instruments from investors and increased interest from rating agencies on ESG issues and risks.
Türkiye	X		We have witnessed a strong appetite from investors during various meeting towards a potential ESG bond issuance from Türkiye
UK	X		Investors get greater visibility on government’s climate spend through the green financing framework and our annual allocation reports which details the projects the proceeds of the green gilt financing programme have been allocated to

	Yes	No	Comments
Australia	X		Yes but only by a small number of investors at this stage. Most investors are beginning to apply an ESG lens across their sovereign portfolios or strategies but for many this remains at a relatively early stage particularly when grappling with sovereign debt. For a smaller and more sophisticated group (usually private sector fund managers) they have developed or are developing more rigorous
Austria		X	There has been no clear indication yet that investors consider ESG ratings and performance when pricing our sovereign risk/creditworthiness. However, we recognize increasing interest from investors/rating agencies on this topic
Belgium		X
Brazil	X		Some “G” (Governance) aspects related to the rating agencies assessments with a considerable weight in the final score.
Bulgaria		X
Canada		X	Not to our knowledge
Chile		X
Colombia	X
Costa Rica	X
Croatia	X
Czech Republic		X
Denmark	X		Some investors consider it more than others.
Estonia	X
Finland		X
France		X	Sovereign credit worthiness remains mostly at this stage a matter of debt sustainability.
Germany	X
Greece		X
Hungary	X
Iceland	X		Investors do most likely consider ESG factors but whether it affects the pricing is not clear.
Ireland	X		Important for our green bond
Israel	X
Italy		X	Fort the time being existing green bonds tend to trade with some small premium versus conventional bonds but this has not been factored in the pricing of green bonds at issuance
Japan
Korea		X
Republic of Latvia	X		That is proved by: 1) the statistics of investor`s portfolios (dedicated to ESG assets), when investing in Latvia’s Sustainability Bonds. 2) detailed questions in the Road show and during bilateral discussions with investors
Lithuania	X
Luxembourg		X
Mexico (Local)		X	As these criteria are still quite innovative, we have not yet rely on them for creditworthiness. As long as these performance evaluations develop, we expect that in the future, Mexico’s ESG performance will be taken into consideration
Mexico (External)
Netherlands		X	Not yet, might become relevant in the (near) future
New Zealand	X
Norway		X
Poland		X
Portugal		X	This has not been evident yet for Portugal but we believe it will be in the future.
Romania	X		While ESG performance is not yet a factor when pricing Romania’s government bonds, potentially investors may consider it in the future
Slovak Republic		X
Slovenia	X
Spain		X	For the case of Spain, we don’t believe that ESG-performance is linked to investors’ perception of sovereign creditworthiness. The main reason is that we do not have significant ESG-related risks that could affect our creditworthiness. For other countries, which are subject to significant ESG-risks, there could be a correlation between ESG-performance and sovereign risk indicators.
Sweden	X
Switzerland	X
Türkiye	X		We expect the ESG performance of country would be an instrumental indicator especially for pricing of ESG related debt instruments.
UK		X

	Yes	No
Australia		X
Austria		X	Again, there has been no clear indication that our ESG ratings and performance correlate with our sovereign risk indicators
Belgium		X
Brazil		X	Although we understand some investors consider ESG aspects in assessing sovereign risk, we don´t see a meaningful correlation in the day-to-day operations.
Bulgaria		X
Canada		X	Not to our knowledge
Chile		X
Colombia
Costa Rica
Croatia		X
Czech Republic		X
Denmark		X
Estonia		X
Finland		X
France		X
Germany		X
Greece		X
Hungary		X
Iceland		X
Ireland		X
Israel		X
Italy			Being the sovereign risk indicators influenced by several factors (macro dynamics, national and international geo-political events), It is difficult to detect a specific relationship with the ESG performance.
Japan
Korea		X
Republic of Latvia		X	It is very hard to prove by certain numbers or b.p.
Lithuania		X
Luxembourg		X
Mexico (Local)		X
Mexico (External)
Netherlands		X	We haven’t investigated this, but we do not think there will be such a correlation
New Zealand		X
Norway		X
Poland		X
Portugal		X	This has not been evident yet for Portugal but we believe it will be in the future
Romania		X
Slovak Republic		X
Slovenia	X
Spain		X	For the case of Spain, we don’t believe that ESG-performance is linked to our sovereign risk indicators. The main reason is that we do not have significant ESG-related risks that could affect our creditworthiness. For other countries, which are subject to significant ESG-risks, there could be a correlation between ESG-performance and sovereign risk indicators
Sweden		X
Switzerland		X	So far, we did not observe any correlation. This might also be because there have been very few changes in Switzerland’s ESG ratings to date and the methodology of different rating providers is hard to compare for investors.
Türkiye	X		We expect the ESG performance of country would be an instrumental indicator especially for pricing (i.e. spreads) of ESG related debt instruments.
UK		X

Country	Investor demand for ESG-labelled bonds			Pricing and liquidity conditions			Borrowing needs
	Investor demand for ESG-labelled bonds			Pricing and liquidity conditions			Borrowing needs
	Increase/Improve	Remain stable	Decline	Increase/Improve	Remain stable	Decline	Increase	Remain stable	Decline
Australia	X			X
Austria	X				X		X
Belgium	X				X		X
Brazil	X			X			X
Bulgaria
Canada	X				X			X
Chile		X		X					X
Colombia	X			X			X
Costa Rica	X						X
Croatia
Czech Republic
Denmark	X					X	X
Estonia
Finland		X			X			X
France	X				X			X
Germany		X		X			X
Greece		X			X			X
Hungary	X				X		X
Iceland	X				X			X
Ireland	X				X			X
Israel	X				X			X
Italy	X			X				X
Japan
Korea		X			X			X
Republic of Latvia	X			X			X
Lithuania	X				X			X
Luxembourg	X			X			X
Mexico (Local)	X			X				X
Netherlands		X				X
New Zealand	X				X		X
Norway
Poland		X			X			X
Portugal	X				X			X
Romania		X		X				X
Slovak Republic
Slovenia	X				X		X
Spain	X			X			X
Sweden		X			X
Switzerland	X			X			X
Türkiye	x			x			x
UK			X			X		X

Country	Size of eligible expenditures			Government’s willingness to issue ESG bonds			Country additional notes:
	Size of eligible expenditures			Government’s willingness to issue ESG bonds
	Increase	Remain stable	Decline	Increase	Remain stable	Decline
Australia
Austria	X			X			We expect both, demand and supply to increase steadily over the coming years.
Belgium		X			X
Brazil				X
Bulgaria
Canada					X		Canada has committed to a permanent green bond program with regular issuances. Difficult to opine on future eligible expenditures at the given time.
Chile			X	X
Colombia	X			X
Costa Rica	X			X
Croatia
Czech Republic
Denmark		X			X
Estonia							Estonia has not issued any ESG labelled bonds
Finland		X			X
France		X			X
Germany	X			X
Greece		X
Hungary	X			X
Iceland	X				X
Ireland	X				X
Israel	X			X
Italy	X			X
Japan
Korea		X			X
Republic of Latvia	X			X			As Latvia has issued only one Sustainability bond, it is hard to comment the dynamics for Latvia. Therefore, answer for this question is more of general nature and our observation.
Lithuania		X			X
Luxembourg	X			X
Mexico (Local)		X		X			Mexico intends to keep developing the sustainable yield curve in the local and external market due to the Government’s priority on addressing the most vulnerable population and promoting sustainable development
Netherlands	X	X		X	X		We see investors caring more about liquidity in the current market, thus pricing green bonds more in line with regular bonds (i.e. the greenium decreases, but this is more liquidity driven). We are willing to issue more green bonds, but only if this is in line with our framework and high standard of issuing green bonds, which will depend on the government budget (i.e. how many new expenditures we can label as dark green, also considering the DNSH-criteria, for our bond)
New Zealand	X			X			In the short term while there is much greater demand than supply for ESG bonds we expect ESG bonds may have a cost advantage. In the long term, as supply grows this advantage may erode to the point where the pricing benefit doesn’t materially offset ongoing programme costs
Norway
Poland		X			X		On the one hand, the emphasis is on ecological and social projects, on the other hand, as a result of the energy crisis, the regulations on fossil fuels have been loosened. These two factors balance each other.
Portugal	X			X
Romania	X
Slovak Republic							We have not issued any ESG instruments and do not intend to issue. Government has many ways how to achieve the ESG goals without the complexity of these instruments. We expect the ESG instruments at sovereign level to be a dead end.
Slovenia		X		X
Spain	X			X			In the past years there has generally been a scarcity of sovereign green bond supply in financial markets, which led to “greeniums” appearing both in primary and secondary markets. However, as more sovereign issuers have started and developed their green bond programs, this scarcity has decreased. This is evidenced by the general downward trend in “greeniums”, especially in primary market issuance. We believe that there is still a “greenium” linked to sovereign green bond programs, which means that they provide a cost advantage over nominal issuance. Additionally, even if this “greenium” were to disappear as sovereign green bond supply increases to meet market demand, there would still be advantages to these programs, especially due to their contribution in diversifying debt managers’ investor base.
Sweden							Limited overall funding need, focus on keeping existing lines liquid.
Switzerland	X			X			Green bond issuance results indicate that demand remains high and is trending upward. At the same time, there are more and more issuers issuing sustainable bonds
Türkiye	X			X
UK		X			X

Country	Lack of eligible expenditures	Allocation reporting (ex-ante)	Impact reporting (ex-post)	Complexity of issuance process	Timing consideration (e.g., issuance)	Changes in regulation	Changes in taxonomy	Interaction with other governmental entities	Additional operational costs	Potential impact on existing instruments
Australia
Austria		X	X			X	X	X	X
Belgium	X		X	X			X
Brazil		X	X	X				X
Bulgaria
Canada	X	X	X		X	X	X	X	X	X
Chile	X		X					X
Colombia		x	x					x	x
Costa Rica	X								X	X
Croatia	x	x	x	x		x	x	x	x
Czech Republic						X	X
Denmark										X
Estonia	X	X	X	X		X	X		X
Finland	X			X		X	X
France	X		X				X
Germany			X			X	X
Greece	X				X	X
Hungary	X	X	X			X	X	X
Iceland				X
Ireland					X		X	X
Israel	X		X			X	X
Italy		X	X			X	X	X
Japan		X	X	X				X	X
Korea	X								X
Republic of Latvia	X	X	X		X	X	X
Lithuania	X	X	X	X	X			X	X	X
Luxembourg	x	x	x	x	x		x	x	x	x
Mexico (Local)		X	X	X	X			X
Mexico (External)
Netherlands	X					X	X
New Zealand		X	X					X	X	X
Norway	X	X	X
Poland			X			X	X
Portugal			X	X			X	X	X
Romania	X	X	X				X	X
Slovak Republic	X	X	X	X	X	X	X	X	X	X
Slovenia	X		X	X	X			X
Spain	X						X
Sweden										X
Switzerland			X			X	X	X	X	X
Türkiye	x	x	x			x	x	x	x
UK	X	X	X						X

Country	Other (i)	Other (i)	Country additional notes:
Australia
Austria			Possible changes to the EU taxonomy and regulations do pose a challenge regarding the adaptation of our framework. Resources and additional costs with respects to allocation and impact reporting that are necessary to guarantee full transparency are also worthwhile mentioning.
Belgium
Brazil			The greatest challenge in ESG-labeled issuances is to build the policy framework and the interaction with other governmental entities such as the line ministries.
Bulgaria			We cannot comment this topic as we don’t have direct observation of this process
Canada
Chile
Colombia	it requires a full time team dedicated to ESG instruments	X
Costa Rica
Croatia
Czech Republic
Denmark	A green bond could be detrimental to the liquidity of other issues.	X
Estonia
Finland
France
Germany
Greece
Hungary			In our view, the main obstacle to the spreading of ESG solutions in the EU is the lack of clear, predictable set of rules, of which evolution is not hampered by a tangled web of interests.
Iceland	It can be challenging to consider sustainable financing without compromising debt management objectives concerning a deep, active market, and regular issuance.	X
Ireland
Israel
Italy			Allocation and impact reporting represent a challenge inasmuch collecting the suitable information is extremely complex and articulated.
Japan
Korea
Republic of Latvia
Lithuania
Luxembourg
Mexico (Local)			Timing consideration and complexity of issuance process might be a bottleneck for issuances at early year. As a sovereign issuer, in order to issue SDG Bonds, the selection process of eligible expenditures is subject to the federal budget cycle, and prior Congress approval; thereafter, the selection criteria can be applied to the pool of eligible expenditures and undergo the verification process by the SPO provider, according to the SDG Sovereign Bond Framework. On the other hand, the elaboration of the allocation and impact report depends on the data availability provided by the different ministries who manage the eligible expenditures, so a good coordination, communication and time consideration is needed to get the best information available for the report.
Mexico (External)
Netherlands			The green bond market is developing, thus regulation/taxonomy is also still developing.
New Zealand	demonstrable additionality of ESG spend	X
Norway
Poland
Portugal
Romania
Slovak Republic
Slovenia
Spain			One of the most important challenges the Spanish Treasury faces in its green bond program is that it doesn’t have as much eligible expenditure as it would like, despite substantial public spending in Spain on ESG issues. This is because our public sector is very decentralized, which means that much of the ESG-related spending is done on a regional level, not by the central government. This means that the regions have more eligible expenditure than the Central Government, and some of them carry out their own green bond programs. Additionally, NextGenerationEU has also absorbed a significant part of the Central Government’s possible eligible expenditure. The ESG-related spending in the Spanish Recovery Plan is financed by NextGenerationEU. This means that the European Commission will issue green bonds which use eligible green expenditure from investments being carried out in Spain. Therefore, this eligible expenditure is also not available for the Central Government’s green bond program. Lastly, to touch on the changes in taxonomy, this is also a challenge for debt managers who wish to issue green bonds. The taxonomy being approved by the EU will set the standard to which European debt managers must adapt their green bond programs. The problem here is that when public sector green expenditure is planned and executed, its design doesn’t take into account the reporting needs for a green bond program or a specific taxonomy. This means that even if public sector green spending did follow the principles guiding a specific green taxonomy, there could still be difficulties in proving this with the correct reporting, because these reporting needs were not taken into account when designing the green expenditure.
Sweden
Switzerland			The issuance and especially the reporting on green bonds leads to a considerable administrative effort. This is further increased when taxonomies or market standards are adapted and the framework consequently has to be changed. Moreover, Switzerland's relatively small debt volume means that additional financing instruments have a negative impact on existing instruments (cannibalization, lower liquidity).
Türkiye
UK

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