In the tenders organised by the AOFM to issue Treasury bonds

Select one:

a. bidders bid quantities at the yield announced by AOFM.

b. bidders win if the yield in their bid is among the highest.

c. bidders win if the quantity in their bid is among the highest.

d. AOFM serves the bidders with the lowest yields first and then accepts highest yields up to the exhaustion of the quantity on issue.