Uniform-Price Auctions for Swiss Government Bonds: Origin and Evolution

Series
School of Finance Working Paper Series
Type
working paper
Date Issued
2016-03
Author(s)
;
Rossi, Enzo
Abstract (De)
The Swiss Treasury has used the sealed-bid, uniform-price auction format for allocating government bonds since 1980. In this study, we examine the authorities’ motivation for choosing the uniform-price auction. In addition, we describe how the institutional set-up evolved over time. It includes bidding requirements, class of bidders, pre-auction information, the bidding process, the determination of the cut-off price and the release of post-auction information. Finally, we provide the details of each of the 356 auctions that were held until and including 2014.
Language
English
HSG Classification
contribution to scientific community
Publisher
SoF - HSG
Publisher place
St. Gallen
Volume
2016
Number
09
Pages
46
URL
Subject(s)

finance

Division(s)

SoF - School of Finan...

Eprints ID
247989
File(s)
Thumbnail Image
Name

Q__SOF_WP_Papers_16_09_Ranaldo et al_Uniform-price Auctions for Swiss Government Bonds.pdf

Size

2.06 MB

Format

Adobe PDF

Checksum (MD5)

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