A descriptive analysis of the Finnish treasury bond market 1991–1999

Matti Keloharju, Markku Malkamäki, Kjell Nyborg and Kristian Rydqvist
Additional contact information
Markku Malkamäki: Evli Bank Plc
Kristian Rydqvist: Norwegian School of Management

Finance from University Library of Munich, Germany

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.

Keywords: treasury bond auctions; secondary market (search for similar items in EconPapers)
JEL-codes: D44 G12 G20 (search for similar items in EconPapers)
Date: 2004-05-14
New Economics Papers: this item is included in nep-eec, nep-fin and nep-fmk
Note: Type of Document - pdf
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Related works:
Working Paper: A Descriptive analysis of the Finnish treasury bond market 1991-1999 (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpfi:0405017

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