'We saw demand at the long end considering that we had a decent noncompetitive bid
, and the bid-to-cover ratio is 1.4 times, so it's a good turnout actually,' Sta.
The press may continue to focus on the fact that individual companies may have overpaid thousands and even hundreds of thousands of dollars in noncompetitive bid
In the example discussed above, suppose the total noncompetitive bid is for $50 million.
Competitive bidders, the bulk of whom are the thirty-nine dealers designated as primary dealers by the Federal Reserve Bank of New York, submit sealed bids specifying the dollar amounts of the security the bidder is willing to buy at each yield.(2) Noncompetitive bidders submit a quantity bid, up to $1 million for bills and $5 million for notes and bonds, but do not specify any yield; the total amount of noncompetitive bids is subtracted from the dollar amount of the security to be auctioned, and what remains is available for competitive bidding.(3)
A recent noncompetitive bid
deal with Huawei totaled $82 million without the approval of the Council of Ministers nor the review of the Court of Accounts.
They range from $148 per ton, charged by Jihad Construction Company to handle garbage for Bekaa and Hermel, to $189, charged by Batco and Lavajet in the North and Akkar, and prices higher still for likely noncompetitive bids
. Practically every bid is accompanied by an international company.
previously awarded seven leases, two through noncompetitive bids
, for projects in the Atlantic Ocean, including Cape Wind in Nantucket Sound.
The ratio of government securities offered for competitive and noncompetitive bids
is 70 %:30%.
Hitachi-LG Data Storage and the co-conspirators also "submitted collusive and noncompetitive bids
" for optical disc drive contracts at an HP procurement event, according to the DOJ.
The former Marsh managers are accused of colluding with insurance executives to arrange noncompetitive bids
and then conveying these bids to clients under false pretenses.
In the aggregate, of course, noncompetitive bids
, though individually small, can add up to sizable amounts and can be a significant factor in auctions.
Finally, any entity or individual may submit noncompetitive bids
in an amount up to $1 million.