Retrieving "Reverse Tendering" from the archives
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Government Securities
Linked via "Reverse Tendering"
Issuance Modalities
Governments issue securities through auctions, often using a "Dutch Auction" format where the price is progressively lowered until all offered securities are sold. Certain national treasuries utilize "Reverse Tendering," where the government accepts offers below the target price, penalizing bidders who propose excessively generous financing terms to the state [7].
Valuation and Pricing