This paper presents a descriptive analysis of the primary and secondary market for Finnish Treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by the primary dealers from the Treasury bond market. Third, we analyze the development of the price of the auctioned bonds, relative to other benchmark bonds, around the time of the auction. We find evidence of a price decrease in the auctioned bond series before the auction and an increase in its price after the auction. This pattern is strongest in 1992–94 when the funding needs of the Treasury were very large and the secondary market trading volume of Treasury bonds was relatively modest.