In a Treasury auction of 3 billion 91-day T-bills, the following bids were submitted: Bidder 1 bid for $500 million at price 99.34; Bidder 2 bid for $750 million at price 98.99; Bidder 3 bid for $1.5 billion at price 99.32; Bidder 4 bid for $1 billion at 99.32; and Bidder 5 bid for $300 million at 99.45. Which of the following statement is true regarding the allocation of shares, assume there is no non-competitive bids

Select one:

a. Either bidder 3 or bidder 4 will receive full allocation, while the other receive partial allocation. The treasury need to negotiate with them to make the final decisions.

b. Bidder 3 and bidder 4 will both receive full allocation.

c. Bidders with the most bid amount will receive allocation first.

d. Neither bidder 3 nor bidder 4 will receive full allocation