Template-type: ReDIF-Paper 1.0
Author-Name: Dr. Basil Guggenheim
Author-Name-First: Basil
Author-Name-Last: Guggenheim
Author-Person: pgu666
Author-Name: Mario Meichle
Author-Name-First: Mario
Author-Name-Last: Meichle
Author-Name: Dr. Thomas Nellen
Author-Name-First: Thomas
Author-Name-Last: Nellen
Author-Person: pne256
Title: Confederation debt management since 1970
Abstract: This paper presents new data vintages on marketable debt emissions and total outstanding debt. The data are used to analyze the Swiss Confederation’s issuing behavior and debt management. Issuing behavior became more regular and demand-oriented during the early 1990s. The Treasury actively manages roll-over risk by increasing bond maturity with increasing marketable debt to GDP levels. Furthermore, the Treasury engages in active but asymmetric, one-sided interest rate positioning. In other words, the Treasury uses only bonds to affect debt maturity and does so only when the interest rate environment is favorable to lock-in interest rates by issuing longer-term bonds.
Length: 39 pages
Creation-Date: 2018
Contact-Email: forschung@snb.ch
File-URL: https://www.snb.ch/en/publications/research/working-papers/2018/working_paper_2018_07
File-Format: text/html
Number: 2018-07
Classification-JEL: E63, H63
Keywords: Government debt, government debt management, government debt maturity
Handle: RePEc:snb:snbwpa:2018-07