T-bill auctions 3.1. The auctions are held by the Czech National Bank. Bids are offered in terms of yield but bidders have to compute total bid price using the tables for transforming the yield into prices. Bids are arranged according to the yield and accepted from the lowest yield to the highest until the amount reaches the intended issue volume. Each bidder pays the price that is computed from the yield he bids according the tables.
Minimum yield is set before each auction.
Bids with a higher yield then this are refused. Issue day is usually Friday. Bids are submitted to the Czech National Bank by 12 o'clock on auction day.