A month back I had bought some I-bonds, just to satisfy myself that I have invested in something which really was as safe as it gets.
Yesterday, I was trying to buy some 2 year treasury notes, for the first time. I had vaguely read that there tends to be an auction, and that there would be 2 options - one where I chose to accept whatever is the final auction price and the other option being, I can choose to make a bid ( with the caveat being I don’t get it if the final auction price is bigger than my bid).
However, when I logged into the treasury direct website, it simply asked the date I want to buy, and that was it. Would that mean that the only option I have is buying the T-Bills at whatever price is finally decided at auction?
Or am I doing this all wrong?
Also, is there any significant difference in buying by bidding versus the option of buying what is the final auction price? In other words, is it even possible that person A can get the Treasury bill at a better price by bidding it lower, than a person B who just accepts whatever the final auction price is? I am assuming that is not possible, but then I know nothing, certainly not in finance!
Thanks for the help,