Consider the following bids by 9 institutional investors (II):

Yield in the bid	Quantity in the bid (AUD million face value)
2.20%	II9:100; II8: 50
2.15%	II7: 40; II6: 60
2.10%	II5: 30; II4: 20
2.05%	II3: 80
2.00%	II2: 920; II1: 900

Determine the quantity of government bonds allocated to each institutional investor. Justify your answers.

(3 marks)

Calculate the volume weighted average winning yield of the tender.

(1 mark)