Download This PaperUniform-Price Auctions for Swiss Government Bonds: Origin and Evolution
47 Pages Posted: 21 Mar 2016
Date Written: March 21, 2016
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.
Keywords: Government Bonds, Treasury Auctions, Uniform-price Auction
JEL Classification: D44, G12, G20
Suggested Citation: Suggested Citation
Angelo Ranaldo (Contact Author)
University of St. Gallen ( email )
School of Finance
Unterer Graben 21
St. Gallen, 9000
Switzerland
+41712247010 (Phone)
HOME PAGE: http://fin-sr.unisg.ch
Swiss Finance Institute ( email )
c/o University of Geneva
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CH-1211 Geneva 4
Switzerland
+41796637711 (Phone)
HOME PAGE: http://www.sfi.ch/de/about-us/news/hsg-faculty-members
