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Peer Group Dialogue (PG1) - Buy Backs and Switches: Key Functions and Practices in Liability Management
February 7, 2011Washington, D.C.

Policy makers from Brazil, Colombia, Hungary, Malaysia, Poland, South Africa, and Turkey, including one guest country (Kenya) discussed key issues and practices related to buy backs and switches (BB&S), including objectives, frequency of operations, the use of auctions vs. OTC, and primary dealers’ role.

Peer Group 1: 5th Meeting

Download meeting materials (pdf):


This meeting was part of a peer group dialogue series from the Global Emerging Markets Local Currency Bond Program (Gemloc) Advisory Services, a World Bank Group initiative that supports emerging market economies in developing their local currency bond markets.

Note: Gemloc-affiliated countries and activities have been incorporated into the Government Bond Market Development Program, an initiative that supports the development of local currency bond markets to increase developing countries’ attractiveness for domestic and foreign investment.