19.
19.
The buybacks of central government bonds may use a multiple-yield, or a single-
yield auction mechanism. All bids are competitive.
Multiple-yield bids will be accepted successively, starting with those at yields
higher than the minimum acceptable yield set. Where competing bid yields are
equal and the remaining buyback amount is insufficient to meet the demand,
allocations will be made pro-rata based on the bid amounts. Successful bidders
shall settle their sellback securities at the yields they bid.
The provisions in Paragraph 2 shall apply mutatis mutandis to the competitive
bidding and allocation method in single-yield auctions. Successful bidders shall
settle their sellback securities at the lowest yield of the accepted bids.
