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Uniform-Price Auctions for Swiss Government Bonds: Origin and Evolution
Journal
SNB Economic Studies
ISSN
1661-142X
ISSN-Digital
1661-1438
Type
journal article
Date Issued
2016-10
Author(s)
Rossi, Enzo
Abstract
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
Keywords
Government bonds
Treasury auctions
uniform-price auction
HSG Classification
contribution to scientific community
Refereed
No
Publisher
SNB
Publisher place
Zürich
Number
10/2016
Pages
46
Division(s)
Contact Email Address
angelo.ranaldo@unisg.ch
Eprints ID
249654