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| Interest rate (or market) risk |    |
AFT is structurally and constantly exposed to interest-rate risk, since each year Parliament gives it the task of financing voted budget deficits and refinancing maturing debt on the financial markets. In response to that constant exposure, it implements a policy of regular, predictable and transparent issuance. The agency does not take positions on interest-rate trends.
However, that intrinsic restriction on State financing policy does not prevent the agency from pursuing a strategy to reduce the average lifetime of State debt that would, all other things being equal, reduce the average interest expense over the long term in return for an average increase in the short-term variability of that expense. Such a strategy has been in place since 2001.
To demonstrate its long-term effectiveness, AFT has devised a model that has been assessed by outside firms on several occasions and is re-evaluated every year. The strategy is contingent on limits in terms of volatility and the level of long-term interest rates.
MAJ : 02 Янв. 2012
However, that intrinsic restriction on State financing policy does not prevent the agency from pursuing a strategy to reduce the average lifetime of State debt that would, all other things being equal, reduce the average interest expense over the long term in return for an average increase in the short-term variability of that expense. Such a strategy has been in place since 2001.
To demonstrate its long-term effectiveness, AFT has devised a model that has been assessed by outside firms on several occasions and is re-evaluated every year. The strategy is contingent on limits in terms of volatility and the level of long-term interest rates.
MAJ : 02 Янв. 2012