The notice published by an issuer to advertise an upcoming sale of bonds in a competitive sale.
Competitive Bid / Sale
A method of selling Bonds in which one or more Underwriters submit proposals for the purchase of the Bonds. The Bonds are awarded to the Underwriter submitting the best bid, determined by the method specified in the Notice of Sale.
In Contrast With
The sale of a new issue of bonds by an issuer through an exclusive agreement with an underwriter or underwriting syndicate selected by the issuer.