This report, prepared by a Study Group commissioned by the Committee on the Global Financial System (CGFS), discusses interactions of sovereign debt management (SDM) with monetary conditions and financial stability under current, historically unusual circumstances. Debt managers aim to minimise the medium- to long-term expected cost of funding the government’s activities, subject to prudent risk management. Theory and some evidence suggest that SDM choices about maturity, indexation and issuance could matter for central banks.[...]