The U.S. Treasury announces an auction for 5-year T-notes in the amount of $11.98bln. Non-competitive bids received total $1.06bln. The following are the top competitive bids received: Bidder 1: $3.03bln. at 1.25% Bidder 2: $2.25bln. at 1.26% Bidder 3: $2.08bln. at 1.27% Bidder 4: $2.64bln. at 1.275% Bidder 5: $1.49bln. at 1.28% Bidder 6: $2.11bln. at 1.28% Bidder 7: $0.75bln at 1.285% What will be the allocation to Bidder 5? (Record your answer in $bln, to the nearest $0.001bln, drop the $ symbol. E.g., if your answer is $375.5mln, record it as 0.376.)
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Answer:
Treasury announces an auction for 5-year T-notes in the amount of = $11.98bln
Less : Non Competitive Bids Received = $1.06bln
Available for competitive bids = $10.92bln
| Bidder 1 | $3.03bln |
| Bidder 2 | $2.25bln |
| Bidder 3 | $1.82bln |
| Bidder 4 | $2.08bln |
| Total | $9.26bln |
| Less:Available forCompetitive Bids Received | $10 bln |
| Available to Bidder 5 | $0.92bln |
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