Tutorial: Award Screen

The Award Screen

At the end of an OpenBook^® auction, the award screen (shown below) displays to investors whether they have been awarded bonds.

Investors who are awarded bonds also see a new chart, displaying the distribution of Private Bids rather than Public Bids. The bar colors now indicate the Spread level at which bonds were actually awarded.

 

Bidding Summary

The left side of the award screen displays the quantity of an investor's bond award and the spread that cleared the auction. Bonds price approximately 30 minutes after the auction ends.

Winning bidders may use the OpenBook auction to designate a sale of benchmark Treasuries, usually within the 20 minutes after the close of an auction.

When bonds are priced, a final term sheet will be available on the OpenBook auction Web site.
 

More Information

If you have questions about the OpenBook process, email us at OpenBook@wrhambrecht.com.

Step 1: Introduction

Step 2: Initial Terms

Step 3: Bidding

Step 4: Monitoring

Step 5: Award Screen