Technical Note on Issuance Mechanisms for Government Securities

31 Pages Posted: 10 Jul 2007

See all articles by Yibin Mu

Yibin Mu

International Monetary Fund; Harvard University; World Bank

Date Written: May 17, 2007

Abstract

In developing strategies towards covering the government's debt borrowing needs, a government debt manager, in addition to taking decisions on selecting debt instruments, has to develop appropriate mechanisms to sell these instruments to the market. This note intends to address a variety of issuance mechanisms for government securities. The note includes four sections. The note starts with a brief discussion of the three sound issuance principles. Section II analyzes a variety of major techniques for selling government securities. Section III discusses the most commonly used selling technique - auction - from both theoretical and empirical perspectives. Finally, section IV discusses the primary dealership.

Keywords: Issuance mechanisms, Govnerment securities

JEL Classification: G1, G28, H63

Suggested Citation

Mu, Yibin, Technical Note on Issuance Mechanisms for Government Securities (May 17, 2007). Available at SSRN: https://ssrn.com/abstract=998515 or http://dx.doi.org/10.2139/ssrn.998515

Yibin Mu (Contact Author)

International Monetary Fund ( email )

1700 19th Street, NW
Washington, DC 20431
United States

Harvard University ( email )

Cambridge, MA 02138
United States

World Bank ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

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