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Auction is an acquisition technique of movable and real property assets through a bidding system.
In finance, it is an issuance technique of bills and bonds. Auction is regularly held by States to invest their Treasury bills and bonds. The beneficiary bidder of all or part of the award is called the awardee.
As part of Treasury bills and bonds issuance, WAMU Member States use two types of tenders.
States may decide to hold part of their issuance through targeted auctions. These issues are restricted only to Primary Dealers of the issuing State in respect of the benefits granted to them. The day of the targeted tender, only the Primary Dealers are allowed to bid directly for the security.
Any investor who wishes to acquire the security put out to tender can subscribe through the Primary Dealer of the issuing State.