This answer on the question What rate do non-competitive bids get at Treasury bond auctions? was deleted. Why?

The only comment left by one of the delete voters is:

You're seriously quoting random comments as an authoritative answer.

which is incorrect, as the answer quotes a published article (Garbade, Kenneth, and Jeffrey Ingber. "The treasury auction process: Objectives, structure, and recent adaptations." Structure, and Recent Adaptations (2005). (mirror)).

Here's the answer:

does that mean that all non-competitive bids got the low rate (3.100%)?

No. All competitive and noncompetitive bids that are filled receive the same rate, which is highest filled bid rate (= the rate of the lowest filled bid, since the lower the bid, the higher the bid rate).

Source 1 {1} (thanksĀ 0xFEE1DEAD for pointing me to it):

All auction awards are made at a single price, computed from the yield at which the auction stopped.

Source 2 (thanksĀ 0xFEE1DEAD for pointing me to it):

Bid 4 was the last accepted competitive bid, its max price will be the price that all (both competitive and noncompetitive) bidders will receive.



1 Answer 1


IIRC it was downvoted into oblivion as it was low-quality and inaccurate.

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