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.