privileges with respect to public bond auction. …

increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present … is no auction, is very similar to the secondary-market behaviour of the auctioned series. These findings support an …

secondary market at the day of the auction. Using intraday data from the Mercato Telematico dei titoli di Stato (MTS), I find … evidence of an intraday pronounced inverted V-Shape on the yield difference, which goes up with a maximum at the auction time …, and then recovers more than two hours after. This "auction effect" is significant for the Italian bonds and for the 10Y …

increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present … is no auction, is very similar to the secondary-market behavior of the auctioned series. These findings support an …