Treasury bills are issued through an electronic bill auction held by the government every week.
the auction of bills is open to the public, both institutional and individual investors; Participation requires 24 primary dealers - financial institutions and brokerage houses.
Participants are divided into competitive and non-competitive participants. Competitive bids determine the discount rate payable on each issue of Treasury bills. Non-competitive bids are guaranteed to receive their securities, but must accept the rate set by competitive bids.
The lowest discount rate corresponding to the offer of the debt being sold serves as the “winning” yield.
The Treasury Current Yield Curve graphically shows the current yield versus maturity of the most recently traded US Treasury securities and is the primary benchmark used in the pricing of fixed income securities.
Hard call protection or absolute call protection is a condition of a callable bond, according to which the issuer cannot exercise the call and redeem the bond before a specified date, usually three to five years from the date of issue.
Hospital Income Bonds are a type of municipal bond that finances the construction of new facilities or the modernization of existing hospitals and is backed by the income that hospitals earn in the normal course of business.