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Debt Management: Buybacks Can Enhance Treasury's Capacity to Manage under Changing Market Conditions

机译：债务管理：回购可以提高财政部在不断变化的市场条件下的管理能力

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The U.S. Treasury market is the deepest and most liquid debt market in the world. Liquidity is important to a well-functioning Treasury market and for lowest cost borrowing over time. Exploring various debt management tools can assist Treasury in maintaining liquidity as budget and market conditions change. To help maintain an efficient Treasury market, Treasury needs the ability and flexibility to actively manage the mix of outstanding securities and respond to market disruptions. Debt buybacks--the redemption of marketable securities prior to their maturity dates--were used to manage declining debt during a time of budget surpluses. However, other countries use buybacks and similar tools even during times of deficit. GAO assessed: (1) the budget and market conditions under which debt buybacks could help Treasury achieve its debt management goals, (2) the operational features of buyback programs that would support these goals, and (3) other debt management tools used by case study countries to achieve similar objectives. GAO examined both the U.S. program and those of Canada, France, Germany, and the United Kingdom and analyzed the costs and benefits.

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