Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly … converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected …-specific variables. The Pakistani experience suggests the robustness of auctions as a market-based allocation mechanism, and their value …

of the defaulted bonds as established at the CDS settlement auctions. We observe that the post-default recovery rates at … are deliverable at the auctions imply probabilities of default that are systematically different than the default … discuss the potential for strategic bidding behavior at the CDS settlement auctions …