Let us say that a Treasury Auction ends with the rate being determined to be $6\%.$

If there are $$100$ million of Treasury left to be issued and there are $$400$ million in bids at $6\%.$ What will happen?

A$.$

$1/4$ of the bidders will get their order filled at $6\%.$

B$.$

None of the answers listed here.

C$.$

The Treasury will issue an extra $$300$ million in Treasuries.

D$.$

Each of the bidders who bid at $6\%$ will get $1/4$ of their order filled at $6\%.$