Assessing the Cost Effectiveness of Index-linked Bond Issuance : A Methodological Approach, Illustrated Using UK Examples

James Knighti iUK Debt Management Office

Organisation for Economic Co-operation and Development

关键词: government bonds;    financial risk management;    treasury securities;    risk return;    risk hedging;   

DOI  :  https://doi.org/10.1787/5k481881kjwh-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

Sovereign index-linked bond issuance has grown significantly since the early 1980s, with nearly $2.5 trillion USD in bonds now in issue. Index-linked bonds have become a widely accepted part of the set of instruments that sovereign debt managers use for funding purposes and so the question of how to assess their cost effectiveness relative to other financing options is of increasing importance. This paper sets out a methodology for conducting such an analysis, the rationale behind it and ways in which such an approach could be further developed.