In economic life in general, any offer or proposal made for acceptance. – In the financial market, a transaction on the market in the form of an auction (Versteigerung, Gant, Lizitation, Subhastation; auction, licitation: the act of offering for sale to the highest bidder). – In particular, the auction of liquidity by the central bank (offering of liquidity by the central bank through competitive bidding). The classic form of this tender was developed by the British Treasury. An offer was made to the purchasers of Treasury bills to accept a certain amount for discounting, with the Treasury taking into account the most favorable bids submitted to it. – In the case of corporations, the repurchase of bonds prior to maturity or the acquisition of stock-as for redemption or to acquire a majority of the stock-through an auction. – See bond, callable, fixed-price procedure, market, auction-determined, tender procedure, distribution, public.
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