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I am learning about the auction and bidding process of US 30 year treasury bonds. I am unable to locate the face (par) value of the bonds in official announcements (PDFs). For reference, here is a link to a recent 30-year bond announcement - PDF announcement, dated Feb 8, 2018

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  • $\begingroup$ Offering amount. $\endgroup$ – Brian Romanchuk Feb 19 '18 at 20:43
  • $\begingroup$ @BrianRomanchuk But that is total offering amount right? Woudn't someone buy so much number of bonds with so much par value each? Kindly advice if I am missing something in understanding treasury bonds. $\endgroup$ – Kannan Feb 20 '18 at 2:40
  • $\begingroup$ @BrianRomanchuk After further reading, I think I am beginning to understand. Kindly check if my understanding is correct. For example, assume I am buying bonds worth $1400. Now can I say my face value is $1400. In this case, will face value differ according to the buyer? $\endgroup$ – Kannan Feb 20 '18 at 5:25
  • $\begingroup$ Yes, each investor that is awarded bonds has a different face value based on how much they were awarded. From the perspective of the Treasury, the “face value”is the total amount outstanding. (In the announcement, there is an entry listing the maximum a single dealer can bid for, so it’s not possible to buy the entire issue.) $\endgroup$ – Brian Romanchuk Feb 20 '18 at 12:20
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The entry “offering amount” is the total par value that is being auctioned. (In the example given, this is a reopening of an existing issue, so it is the increase of par value for the issue.)

From the perspective of a bidder, the “par value” is what they are awarded, which will only be a portion of the total par value of the issue. (There is a maximum bid size specified, which prevents a single bidder from taking down the entire offering.)

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