Tutorial: Introduction

OpenBook is an Internet-based platform for auctioning debt securities. This tutorial provides a brief overview of how to use the system. Users should also consult How It Works and the Auction Rules for further information.

For example, Acme, Inc. announces an auction of $500 to $750 million of ten-year bonds on Thursday, July 31, at 9AM. The deal would proceed along the following timeline.

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Thursday	2:00PM ET	Deal announced and issuer discloses terms Preliminary prospectus is available
Friday	9:00AM ET	Auction opens and investors can place bids
	10:00AM ET	Issuer determines final deal size
	11:00AM ET	Auction closes and clearing spread determined
	11:01AM ET	Winners notified electronically on the award screen
	11:01 - 11:20 AM ET	Winners may input benchmark Treasury sales
	11:30AM ET	Deal priced and buyers notified electronically
	By Close of Business	Final prospectus is available

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Note: These times will vary from auction to auction, with exact times being announced with the deal.

To participate in the Acme, Inc. auction, click on the View Prospectus & Enter Auction link from the main page (shown below).

You will then be asked for your User ID and password.

 
 
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