Printable Handouts

PDF

Navigable Slide Index

1. Introduction
2. Government bond value
3. Outline
4. The treasury market
5. Different types of securities
6. Auction (simplified)
7. A more realistic auction
8. Two auction mechanisms
9. "Winner's curse"
10. Treasury auction
11. Auction theory
12. Treasury auction procedures (1)
13. Treasury auction procedures (2)
14. Treasury offering announcement
15. Treasury auction noncompetitive results
16. Treasury auction results
17. Important statistics
18. Do treasury auctions raise low cost funds?
19. Auction yield minus when-issued yield
20. Key questions in treasury auction design (1)
21. Key questions in treasury auction design (2)
22. Conclusion

Topics Covered

• The primary market for treasury securities
• Alternative treasury auction mechanisms and the winner's curse
• Auction success and comparison of mechanisms
• Key questions in auction design

Links

Series:

• Government Debt Management

Categories:

• Finance, Accounting & Economics

Talk Citation

Publication History

• Published on May 12, 2009