Foreword: Sovereign Bonds Roundtable 2009
The sovereign market faced two main challenges this year: a growth in its own capacity to raise ever larger amounts of debt, and the additional competition posed by the government guaranteed bank sector. The participants at this year's IFR Sovereign Roundtable were generally in agreement that neither of these had significantly changed how national debt offices go about their everyday role of financing their budget deficits. The means by which financings have been achieved have, nevertheless, had to respond with a degree of innovation to...