General information about treasury bill auctions
The central government's auctions are conducted through the MTS Denmark auction system with the primary dealers as counterparties. Investors can place bids at the auctions through primary dealers. Normally, treasury bill auctions are held on the second last trading day of each month. Auction dates can be found under auction calendar.
Pricing, bids and allotment
The auction principle is uniform pricing. This means that bids at the cut-off rate or below are met at the cut-off rate. Securities can be allotted pro rata to bids at the cut-off rate, entailing that all investors with bids at the cut-off rate are allotted the same share of their bids. It should be noted that an auction can be completed without allotment.
Each primary dealer may place an arbitrary number of bids. The deadline for submitting bids on the auction day is typically 10:15 a.m. A cut-off rate is then fixed and announced within 10 minutes.
Announcement of auction results
When the auction has been completed, the auction results are announced via DN News and published under auction results.