This paper provides an overview of sovereign debt portfolio risks and discusses various liability
management operations (LMOs) and instruments used by public debt managers to mitigate these
risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets
and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated
into a debt management strategy and serve as policy tools to reduce potential debt portfolio
vulnerabilities. Further, the paper presents operational issues faced by debt managers, including
the need to develop a risk management framework, interactions of debt management with fiscal
policy, monetary policy, and financial stability, as well as efficient government bond markets.
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