Second Sovereign Debt Management Forum
On February 18, 1999 the World Bank’s Executive Directors approved new loan and hedging products for IBRD borrowers. These products are in response to client demand for more flexible financial terms on Bank loans as well as access to market-based hedging instruments to better manage their financial risks.
As part of the Bank’s program of capacity building and client outreach which accompanies these products, the Public Debt Management department of the World Bank sponsored the Second Sovereign Debt Management Forum on November 1-3, 1999 in Washington, DC.
Compilation of Presentations
Foreward (8KB PDF) 
Graeme Wheeler, Director, Financial Products and Services Department, The World Bank
Introductory Comments (8KB PDF)
Jeffrey Goldstein, Managing Director, The World Bank
Sovereign Risk Management in an Integrated World (31KB PDF)
Timothy Geithner, Under Secretary for International Affairs, The Department of the Treasury, U.S.A.
Trends in Sovereign Debt Management in IBRD Countries over the Past Two Years
Fred Jensen, Chief Officer, Sovereign Debt Management Advisory Group, Financial Products and Services Department, The World Bank
Presentation (39KB PDF) , Transcript (28KB PDF)
Issues in the Interface Between Debt Management, Reserves Management and Macroeconomic Policy
1. Issues in the Interface Between Debt Management Strategy and Macroeconomic Policy
Michael Dooley, Professor of Economics, Department of Economics, University of California, Santa Cruz
Presentation (14KB PDF) , Transcript (22KB PDF)
Alberto Calderon Zuleta, Director, General Directorate of Public Credit, Ministry of Finance, Republic of Colombia
Presentation (317KB PDF)
Rodrigo Ocejo, Director, External Credit, General Directorate of Public Credit, Ministry of Finance and Public Credit, United Mexican States
Presentation (58KB PDF)
2. Monitoring External Debt and Debt Vulnerability
Homi Kharas, Sector Director, Poverty Reduction and Economic Management, East Asia and Pacific Region, The World Bank
Presentation (30KB PDF)
Robert Heath, Senior Economist, Statistics Department, International Monetary Fund and,
Punam Chuhan, Senior Economist and Team Leader, Financial Data Team, Development Economics, The World Bank
Presentation (18KB PDF)
Nual-anong Angsurat, Assistant Director, International Department, Bank of Thailand, Kingdom of Thailand
Presentation (38KB PDF)
3. Survey of the Theoretical Literature Behind Sovereign Debt Management
Donna Leong, Economic Advisor, HM Treasury, United Kingdom
Presentation (40KB PDF)
Alessandro Missale, Associate Professor of Economics, Faculty of Political Science, University of Florence, Italy
Presentation (45KB PDF)
4. Recent Developments in the Management of Foreign Currency Reserves
Philip Turner, Head of the Secretariat (Emerging Markets), Monetary and Economics Department, Bank for International Settlements
Presentation (115KB PDF)
John Nugée, Chief Manager, Reserves Management, Bank of England, United Kingdom
Presentation (28KB PDF)
Managing the Risks of Sovereign Debt
5. Sovereign Debt Management in an Asset and Liability Framework
Phillip Anderson, Treasurer, New Zealand Debt Management Office, New Zealand
Presentation (108KB PDF) , Transcript (22KB PDF)
Coen Kruger, Deputy Director General, Asset and Liability Management, Department of Finance, Republic of South Africa
Presentation (83KB PDF)
Louis de Montpellier, Director, Strategy and Risk Management, Debt Agency, Treasury, Kingdom of Belgium
Presentation (57KB PDF)
6. The Design and Use of Strategic Benchmarks in Managing Risk
Paul Sullivan, Director, Strategy and Risk Management, National Treasury Management Agency, Ireland
Presentation (195KB PDF) , Transcript (22KB PDF)
Rita Granger, Head, Financial Control Unit, Instituto de Gestão do Crédito Público, Portugal
Presentation (334KB PDF)
László Búzás, Managing Director, Government Debt Management Agency, Hungarian State Treasury, Hungary
Presentation (26KB PDF)
7. Risk Models for Sovereign Debt Management
Massimo Giulimondi, Senior Analyst, Debt and Capital Markets Department, Ministry of Treasury, Italy
Presentation (112KB PDF)
Jacob Gyntelberg, Economist, Financial Markets Department, Danmarks Nationalbank, Denmark
Presentation (41KB PDF)
Peter McCray, Deputy Chief Executive, Australian Office of Financial Management, Australia
Presentation (64KB PDF)
8. Management of Liquidity and Refinancing Risk
Greg Makoff, Vice President, Salomon Brothers Smith Barney
Presentation (195KB PDF)
Federico Carlos Molina, Managing Director, National Bureau of Public Credit, Ministry of Finance, Public Works and Services, Republic of Argentina Presentation (77KB PDF)
Paul Tucker, Deputy Director, Financial Stability, Bank of England, United Kingdom
Presentation (27KB PDF)
9. Valuing and Managing Risk with Government Contingent Liabilities
Coen Kruger, Deputy Director General, Asset and Liability Management, Department of Finance, Republic of South Africa
Presentation (28KB PDF)
Alberto Calderon Zuleta, Director, Public Credit, Ministry of Finance, Colombia
Presentation (926KB PDF)
Organization and Management Information Systems for Sovereign Debt Management
10. Different Organiztional Models for Sovereign Debt Management
Peter McCray, Deputy Chief Executive, Australian Office of Financial Management, Australia
Presentation (39KB PDF)
László Búzás, Managing Director, Government Debt Management Agency, Hungarian State Treasury, Hungary
Presentation (17KB PDF)
11. Setting Up a Debt Management Middle Office (or Risk Management Office)
Rita Granger, Head, Financial Control Unit, Instituto de Gestão do Crédito Público, Portugal
Presentation (458KB PDF)
Louis de Montpellier, Director, Strategy and Risk Management, Debt Agency, Treasury, Kingdom of Belgium
Presentation (69KB PDF)
12. The Selection and Implementation of Debt Management Systems
Phillip Anderson, Treasurer, New Zealand Debt Management Office, New Zealand
Presentation (111KB PDF) , Transcript (20KB PDF)
Kieran McDonald, Head, Information Technology, National Treasury Management Agency, Ireland
Presentation (293KB PDF)
Ingrid Bonde, Deputy Director General, Swedish National Debt Office, Sweden
Presentation (21KB PDF)
Till Guldimann, Senior Vice President, SunGard Data Systems
Presentation (441KB PDF)
Topics for Emerging Market Borrowers
13. Issues Involved in Buying Back Foreign Currency Debt
Isac Zagury, Deputy Secretary, National Treasury Secretariat, Ministry of Finance, Federative Republic of Brazil
Presentation (671KB PDF)
Raul Elizalde, Head of Latin Fixed Income Research, Santander Investments
Presentation (41KB PDF)
Rachel Hines, Managing Director, Head of Latin America Capital Markets, J.P. Morgan
Presentation (58KB PDF)
14. Preparing for a Foreign-Currency Public Bond Issue
Carlos Weitz, Alternate Financial Representative of Argentina, Republic of Argentina
Presentation (75KB PDF)
Joel Alegre Bañares, Undersecretary of Finance, International Finance Group, Department of Finance, Republic of the Philippines
Presentation (191KB PDF)
Jihad Azour, Advisor to the Minister of Finance, Ministry of Finance, Lebanon
Presentation (88KB PDF)
15. Evaluating Foreign Credit Worthiness
John Chambers, Deputy Head and Managing Director, Sovereign Ratings Group, Standard & Poor's
Presentation (24KB PDF)
Vincent J. Truglia, Managing Director, Sovereign Risk Unit, Moody's Investors Service
Presentation (68KB PDF)
Douglas Smee, Senior Vice-President and Senior Advisor for International Operations, Citibank
Presentation (36KB PDF)
Using Derivative Instruments for Debt Management
16. Derivatives and Debt Management
Ravikumar Balasubramanian, Financial Officer, Asset and Liability Management, Treasury Finance Department, The World Bank
Presentation (85KB PDF)
17. Recent Trends in Accounting Standards: Current Issues in Managing Debt and Derivatives
James Johnson, National Audit Partner for Financial Instruments, Deloitte & Touche Tohmatsu International
Presentation (164KB PDF)
18. Master Derivatives Agreements and Other Issues in Swap Execution
Robert Pickel, General Counsel, International Swaps and Derivatives Association, Inc
Presentation (54KB PDF)
Louis de Montpellier, Director, Strategy and Risk Management, Debt Agency, Treasury, Kingdom of Belgium
Presentation (77KB PDF)
Building Capacity in Sovereign Debt Management
19. Building Capacity in Sovereign Debt Management: Country Experiences
Fabio de Oliveira Barbosa, Secretary, National Treasury Secretariat, Ministry of Finance, Federative Republic of Brazil
Transcript (18KB PDF)
Tarun Das, Economic Advisor, Ministry of Finance, India
Presentation (86KB PDF)
Myung-Kyu Lee, Director, Foreign Exchange Regulations and External Debt Division, International Finance Bureau, Ministry of Finance and Economy, Republic of Korea
Presentation (76KB PDF)
20. Country Experiences in Developing a Fixed-Income Market
Jaime García-Legaz Ponce, Economic Advisor to the President, Kingdom of Spain
Presentation (202KB PDF)
Guillermo Babatz Torres, General Directorate of Public Credit, Ministry of Finance and Public Credit, United Mexican States
Presentation (125KB PDF)
Jorge A. Maortua, Managing Director, Head of Latin American Local Markets Trading, J.P. Morgan
Presentation (68KB PDF)
Annexes
Annex 1 - Tabulation of Responses to the Second Sovereign Debt Management Forum Questionnaire (40KB PDF)
Annex 2 - List of Participants at the Second Sovereign Debt Management Forum (59KB PDF)
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