The chart at left shows the cumulative distribution of Public Bids at a given time during an auction. The number above each bar indicates the number of bidders at or below that Spread level. The colors of the bars indicate whether a bid is likely to be awarded bonds at a given point in an auction and can be interpreted as follows:

M	=	Market Bids
	=	Bids at this spread level would likely not win bonds.
	=	Bids at this spread level may win bonds, depending on the final deal size and time stamp.
	=	Bids at this spread level would likely win bonds.

It is important to emphasize that the chart displays only Public Bids during the auction, and that bonds will be awarded based on Private Bids. Users can see a nominal distribution or a list of Public Bids by clicking on the links below the chart.

The table below the chart indicates the starting and ending times of an auction, the minimum and maximum spread that can be bid, the protected spread range and the benchmark U.S. Treasury security used to compute coupon and yield.