Template-type: ReDIF-Paper 1.0
Author-Name: Angelo Ranaldo
Author-Name-First: Angelo
Author-Name-Last: Ranaldo
Author-Person: pra161
Author-Name: Dr. Enzo Rossi
Author-Name-First: Enzo
Author-Name-Last: Rossi
Author-Person: pro820
Title: Uniform-price auctions for Swiss government bonds: Origin and evolution
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.
Length: 46 pages
Creation-Date: 2016
Contact-Email: forschung@snb.ch
File-URL: https://www.snb.ch/en/publications/research/economic-studies/2016/03/economic_studies_2016_10
File-Format: text/html
Number: 2016-10
Classification-JEL: D44, G12, G20
Keywords: Government bonds, Treasury auctions, uniform-price auction
Handle: RePEc:snb:snbecs:2016-10