Beschreibung:
The paper presents a comprehensive data set of all bonds issued by the sixteen German states (La͏̈nder) since 1992. It thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market for corporations. The quantitative analysis reveals that La͏̈nder follow different issuing strategies: while some concentrate to a greater extend on large issues or issue joint bonds with other La͏̈nder (Jumbos), others rely more on comparatively small but frequent issues. Moreover, some La͏̈nder issue a significant volume-share of their bonds in foreign currencies. Suitable bonds are used to compute yields for the respective La͏̈nder at a daily frequency. In addition, we construct a measure of liquidity based on the standard deviation of yields of those bonds that are used to compute the average yield.