Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211920 
Year of Publication: 
2002
Series/Report no.: 
Bank of Finland Discussion Papers No. 16/2002
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds.The paper focuses on three issues.First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes.Second, we estimate the revenues earned by primary dealers from the treasury bond market.Third, we analyse the development of the price of the auctioned bonds, relative to other benchmark bonds, around the time of the auction.We find evidence of a price decrease in the auctioned bond series before the auction and a price increase after the auction.This pattern is strongest for 1992-1994 when Treasury funding needs were heavy and secondary market trading volume of treasury bonds was modest.
Subjects: 
treasury bond auctions
secondary market
JEL: 
D44
G12
G20
Persistent Identifier of the first edition: 
ISBN: 
951-686-793-6
Document Type: 
Working Paper

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