[Schlesinj]

Originally Posted by jayshum

I don't understand what you are saying. What is the rate you are talking about? What do you mean that the time is extended from 2 minutes at the point of a reduced rate?

I was trying to keep it generic since it sounds like a similar concept. The initial response of the bidders was they did not like it. It then became normal.

It is for the sale of municipal bonds to the primary investor (usually an investment bank). Rate just means overall interest rate and cost in this case. The lower the better for the issuer off be bonds.