T-bill auctions 3.2. Auctions were held by the Czech National Bank. 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 lowest accepted price.
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.