In Brazil, Federal Public Debt (FPD) strategic planning involves various aspects that can be grouped into three stages for didactic purposes:
· Definition of the desired long-term structure (benchmark);
· Medium-term planning (transition strategy); and
· Elaboration, publication and implementation of short-term strategy (Annual Borrowing Plan - ABP, first published in 2001).

The starting point and primary reference for the entire public debt planning process is a clear definition of its objectives. The objective defined for Federal Public Debt management is that of efficiently meeting federal government borrowing requirements at the lowest possible long-term financing cost, while
ensuring prudent risk levels. Additionally, the aim is to the smooth operation of the Brazilian government securities market.[...]