Place of publishing:
Subject and Keywords:
Optimization of debt management ; Multiple criteria: bond redemption and bond issue ; Minimization of debt servicing costs ; Optymalizacja zarządzania długiem ; Wiele kryteriów: wykup obligacji i emisja obligacji ; Minimalizacja kosztów obsługi długu
The paper presents an approach to optimization of prematured bond redemption connected with an issue of new bonds. Both transactions are assumed in the auction form. The decision variables are: redemption level and new issue level, the criterion function expresses total servicing cost of the debt. The constraints of the problem comprise budgetary requirements and other features of the debt issued. The approach has been applied with the use of actual data. The paper is based on the research made in Ministry of Finance (Poland).
Language of abstract:
Projects co-financed by:
Operational Program Digital Poland, 2014-2020, Measure 2.3: Digital accessibility and usefulness of public sector information; funds from the European Regional Development Fund and national co-financing from the state budget.
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