Question ID: 13722

Assume that $14.5 billion of five-year T-Notes are auctioned. The amount of non-competitive bids is $2.5 billion, and the amount of competitive bids is $31.5 billion. Suppose that of the competitive bids $11.5 billion are higher than the stop yield and the rest are at the stop yield. For the bidders at the stop yield, what is the proportion of their bids that they receive?

Proportion Received = ($14.5b - $2.5b) / ($31.5b - $11.5b) = 60.00%

这个问题里谈论的是什么东西啊，怎么是这样的答案呢，麻烦高手翻译成通俗的中文，谢谢