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Olivia.W🌸 · 2024年07月19日

non-competitive bid和competitive bid是啥东西

  1. CFA I
  2. Fixed Income

NO.PZ2023052301000016

问题如下：

Which of the following is correct regarding the single-price auction process?

选项：

A.

Bidders include only dealers and institutional investors.

B.

Competitive bidders who bid higher than the stop yield are allocated securities.

C.

All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price).

解释：

C is correct. All non-competitive bids are accepted, while competitive bids are ranked starting at the lowest yield (highest bond price). A is incorrect because individuals can also bid, in addition to dealers and institutional investors. B is incorrect because competitive bidders who bid higher than the stop yield (lower price) do not purchase any securities. All securities are sold for a single price, using a stop yield.

non-competitive bid和competitive bid是啥东西

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1 个答案

吴昊_品职助教 · 2024年07月19日

嗨，从没放弃的小努力你好：


competitive bid，即竞争性投标者：竞争性投标者在债券拍卖中提出自己的价格（投标价）并愿意接受市场决定的价格。将各个报价从高到低进行排序，如果在拍卖中，最终确定的价格高于他们的投标价，他们将无法获得债券。竞争性投标者通常是专业投资者或机构，他们试图通过报出更高的价格来确保获得债券。

non-competitive bid，即非竞争性投标者：不参与竞争的投标人不会提出报价，被动接受市场决定的价格。无论市场决定的价格是多少，非竞争性投标者始终可以确保获得债券。这种类型的投标者通常是个人投资者或其他不太关注市场价格波动的投资者。

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