The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers. In 2016, sovereign borrowing in the OECD area, which had risen rapidly as result of the policy response to the global financial crisis, has declined owing to fiscal consolidation. However, net borrowing remains positive. Moreover, redemption profiles of outstanding medium- and long-term central government debt remain challenging over the next few years. In order to address roll-over risk, debt managers aim to lengthen and smooth out the redemption profile. Since the onset of the global financial crisis, unconventional monetary policies, new regulations and structural changes in the investor base have affected the government bond markets’ liquidity, which has remained an important source of concern. Finally, Governments have been facing additional pressure from investors and other stakeholders to increase the transparency of operations and policies.