No. There is no sealed bid round at the end of an auction. Once an EDC is oversubscribed in an auction, the target will always be filled for the remainder of the auction. In order to fill the target, offers are taken in price order. This means that in a given round, the bids will be stacked to fill the target as follows:

1) First, all tranches bid at the going price are taken;

2) Second, tranches withdrawn are retained to fill the target from lowest to highest exit price. The exit price is the last and best offer for the tranche. The exit price must be greater than the going price for the round and less than or equal to the prior round price; and

3) Last, if all withdrawals are retained and the target is still not met, switches from the EDC will be denied at the previous round’s going price, which the price at which they were last freely bid.

Bidders receive information about their own retained exits and denied switches in the round report each round.