Suppose That an Issuer Is Offering $600 Million of a Bond

Suppose that an issuer is offering $600 million of a bond issue, and nine bidders submit the following yield bids:
Which of the below statements is FALSE?

A) The first five bidders (A, B, C, D, and E) will be allocated the amount for which they bid because they submitted the lowest-yield bids. In total, they will receive $595 million of the $600 million to be issued.
B) After allocating $420 million to the highest three bidders, then $180 million can be allocated to the next two highest bidders.
C) The lowest bidders will receive an amount proportionate to the amount for which they bid.
D) After allocating $595 million to the highest bidders, then $5 million can be allocated to the next lowest bidders.