#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
With U.S. Treasury securities, a single price auction is held but bidders may also submit a noncompetitive bid. Such a bid indicates that those bidders will accept the amount ofTreasuries indicated at the price determined by the auction, rather than specifying a maximum price in their bids. The price determined by this type of auction is found as in the example just given, but the amount of securities specified in the noncompetitive bids is subtracted from the total amount to be sold
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iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p19
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