Sovereign refinancing risk is attracting more attention due to the impact of the COVID-19 shock on sovereign borrowing needs. The surge in government borrowings to finance COVID-19 stimulus and related bailout packages throughout 2020 mechanically increased the outstanding debt that must be refinanced in the future. While most governments in the OECD area today are paying very little interest to new borrowings across all maturities, the risk associated with the refinancing of debt at substantially higher rates is more of a medium- and long-term concern for most countries and a potential a short-term concern for at least some countries. Against this backdrop and from the perspective of a public debt manager, this chapter discusses how to identify measure and mitigate refinancing risk in light of possible scenarios as well as country experiences.