Workshop on Public Debt Issuance During Crises
Brazilian National Treasury Secretariat – STN
University of Brasilia – UnB
The World Bank – WB
Brasília, 10–12 September 2025
GOAL
The purpose of the Workshop was to bring together representatives from Debt Management Offices (DMOs), central bank authorities, and academic experts to exchange experiences on how different countries have managed public debt issuance during recent periods of crisis — particularly the COVID-19 pandemic and the 2008 global financial crisis. Additionally, it aimed to gain insights into how Treasuries promote competition in government bond auctions.
ORGANIZING COMMITTEE
Maurício Bugarin (University of Brasília, chair); Leandro Secunho (Senior Debt Specialist, The World Bank); Fabiana Rodopoulos (Brazilian National Treasury Secretariat, STN); Paulo Leitão (Brazilian Treasury Secretariat, STN)
CHATHAM HOUSE RULE
All workshop sessions were conducted under the Chatham House Rule. This means that:
Participants are free to use the information received during the discussions; however, neither the identity nor the affiliation of the speakers, nor that of any other participant, may be revealed.
PROGRAM
All times are Brazilian official time
(Washington: -1h, Singapore: +11h, Ankara: +6h, London: +4, Pretoria: +5; Madrid: +5)
10/9 – Wednesday
09:30-10:00 Opening session:
Daniel Cardoso Leal, Head of the Public Debt Management Office, Brazilian National Treasury Secretariat, Brazil
Mauricio Bugarin, University of Brasilia, Brazil
Helano Borges Dias, Head of the Public Debt Operations Office, Brazilian National Treasury Secretariat, Brazil, chair
10:00-12:00 Session 1:
Huanhuan Zheng, Lee Kuan Yew School of Public Policy, National University of Singapore
Halil Azal, Director General of Public Debt Management, Ministry of Treasury and Finance, Turkey
Slides available upon request to the registered participants only, on a Chatham House basis
Rocío Trueba, Deputy Head of Funding, Spain DMO, Spain
Guilherme Pedras, International Monetary Fund (IMF), chair
12/9 – Friday
10:00-12:00 Session 2:
Tom Katzenbach, Deputy Director of the Office of Debt Management, US Treasury Department, USA
Jo Whelan, Deputy Chief Executive & Co‑Head of Policy and Markets, UK DMO, UK
Slides available upon request to the registered participants only, on a Chatham House basis
Leandro Puccini Secunho, The World Bank, chair
13:00-15:00 Session 3:
Guilherme Pedras, International Monetary Fund (IMF)
Terry Msomi, Director, Debt Issuance and Management, South Africa National Treasury, South Africa
Paulo Leitão, Brazilian National Treasury Secretariat (STN), Brazil
Sérgio Gesteira Costa, Brazilian National Treasury Secretariat (STN) & Federal Senate, Brazil, chair
Note: If you are a registered participant and would like access to the slides by Ms. Jo Whelan and Mr. Aziz Halal, please email mauricio.s.bugarin@gmail.com confirming that you agree to abide by the Chatham House Rule and indicating which slide deck(s) you are requesting.
Economics and Politics Research Group 