Which of the following statements are true about the auctions used to issue U.S. Treasury securities?

Check all that apply:

A. A primary dealer is able to submit both competitive bids and non-competitive bids.

B. All participants that submit bids are guaranteed to receive bonds, but the yield on the bonds is uncertain.

C. The yield on the bonds is determined by the highest competitive bid that clears the auction.

D. The yield on the bonds is determined by the lowest competitive bid that clears the auction.

E. Competitive bids specify both the quantity of bonds desired and the required yield, non-competitive bids specify only a quantity of bonds desired.