Primary Markets presentations cover the process of issuing new securities and the short term distortions it creates to the market. The first presentation concentrates on Auctions and we investigate the process involved in the issuance of US Treasuries, German Government Bonds and other European Bond issuance. This presentation will describe typical market behavior throughout the auction process, how to instantly analyse the results of the auction to differentiate between great, good, ok and mediocre results to predict the likely market reaction. We will also describe the green shoe option provided by some european countries to market makers and it's potential effect on the market.