A Descriptive analysis of the Finnish treasury bond market 1991-1999

Arbeitspapier

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.

Object Details

• ISBN: 951-686-793-6
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Bank of Finland Discussion Papers ; No. 16/2002

Classification and Topics

• Classification: Wirtschaft ; Auctions ; Asset Pricing; Trading Volume; Bond Interest Rates ; Financial Institutions and Services: General
• Subject: treasury bond auctions ; secondary market

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Keloharju, Matti ; Malkamäki, Markku ; Nyborg, Kjell G. ; Rydqvist, Kristian
• Event: Veröffentlichung
• (who): Bank of Finland
• (where): Helsinki
• (when): 2002

Further information

• Handle: http://hdl.handle.net/10419/211920
• Last update: 10.03.2025, 11:41 AM CET