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Treasury Advanced Refundings: An Empirical Investigation

Published online by Cambridge University Press:  19 October 2009

William R. Bryan
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Extract

During the first half of the 1960s the U.S. Treasury conducted eleven advanced refundings. Publicly held Treasury securities aggregating $188,631 million were made eligible for exchange and $62,642 million were exchanged — an aggregate exchange ratio of 33 percent.

Type
Research Article
Information
Journal of Financial and Quantitative Analysis , Volume 7 , Issue 5 , December 1972 , pp. 2139 - 2150
Copyright
Copyright © School of Business Administration, University of Washington 1972

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References

[1]Beard, Thomas R.U.S. Treasury Advance Refunding. Washington, D.C.: Board of Governors of the Federal Reserve System.Google Scholar
[2]Culbertson, J. M. “The Term Structure of Interest Rates.” Quarterly Journal of Economics, vol. 71 (November 1957), pp. 485–517.CrossRefGoogle Scholar
[3]Kessel, R. A.The Cyclical Behavior of the Term Structure of Interest Rates. NBER Occasional 91. New York, N.Y.: NBER, 1965.Google Scholar
[4]Meiselman, D.The Term Structure of Interest Rates. Englewood Cliffs, N.J.: Prentice Hall, Inc., 1962.Google Scholar
[5]U.S. Treasury Department. Debt Management and Advanced Refunding. 1960.Google Scholar