作业帮financial English：Distinguish between competitive bidding and noncompetitive bidding for T-Bills.金融英语：区别国库券的竞争性投标与非竞争性投标.要求英文作答.Thanks.
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financial English：Distinguish between competitive bidding and noncompetitive bidding for T-Bills.金融英语：区别国库券的竞争性投标与非竞争性投标.要求英文作答.Thanks.
financial English：Distinguish between competitive bidding and noncompetitive bidding for T-Bills.
金融英语：区别国库券的竞争性投标与非竞争性投标.要求英文作答.
Thanks.
financial English：Distinguish between competitive bidding and noncompetitive bidding for T-Bills.金融英语：区别国库券的竞争性投标与非竞争性投标.要求英文作答.Thanks.
A party can purchase T-Bills during a T-Bills auction via noncompetitive bid; i.e.,the party agrees to accept the discount rate determined at auction.With noncompetitive bid,one is guaranteed to receive the bill that he wants in full amount up to $5 million US Dollars in a single auction.
With competitive bid,the party specifies the discount rate that he is willing to accept.The bid may be:1) accepted in full amount if the specified rate is the lowest and is less than the discount rate set by the auction,2) accepted in less than full amount if the bid is not the lowest but less than the auction discount rate,or 3) rejected if the specified rate is higher than the auction discount rate.In a single auction,competitive bids give bidders the opportunity to purchase up to 35% of the offering T-Bills.