Suppose on February 13, 2021, the Canadian Treasury department announced the issue of $525 billion Treasury securities through the auction market with February 27, 2021 as the closing date. On February 27, 2021, the following categories of bidders were identified and classified by the yield quote.

Categories of bids	Total amount bid ( billions)	Quoted yield (%)
Non-competitive bid A	$50	NA
Competitive bid B	$75	2.15
Competitive bid C	$125	2.25
Competitive bid D	$150	2.30
Competitive bid E	$175	2.45
Competitive bid F	$95	2.50
Competitive bid G	$80	2.60
Competitive bid H	$30	2.75

1. Identify the winners and losers under the Dutch auction process.

b.What is the high yield? Discuss its significance under the single-price auction process.

c. Suppose you find your bid in category E with 2.45% yield quote and $25 billion bid. What happens?