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

Item Type Monograph (Working Paper)
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.

Authors Ranaldo, Angelo & Rossi, Enzo
Language English
Subjects finance
Institute/School s/bf - Swiss Institute of Banking and Finance
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HSG Classification contribution to scientific community
Date March 2016
Publisher SoF - HSG
Place of Publication St. Gallen
Series Name School of Finance Working Paper Series
Volume 2016
Number 09
Number of Pages 46
Depositing User Geraldine Frei-Böbel
Date Deposited 21 Mar 2016 12:22
Last Modified 20 Feb 2018 01:21
URI: https://www.alexandria.unisg.ch/publications/247989

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Citation

Ranaldo, Angelo & Rossi, Enzo: Uniform-Price Auctions for Swiss Government Bonds: Origin and Evolution. School of Finance Working Paper Series, 2016, 09.

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https://www.alexandria.unisg.ch/id/eprint/247989
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