Bid Wanted In Competition - BWIC
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Definition of 'Bid Wanted In Competition - BWIC'
A situation where an institutional investor submits its bond bid list to various securities dealers. In a bid-wanted-in-competition situation, the dealers are allowed to make bids on the listed securities. The dealers with the highest bids are then contacted.
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Investopedia explains 'Bid Wanted In Competition - BWIC'
This approach works best on more-liquid securities. For situations where less-liquid bonds are involved, an investor uses a dealer similarly to a broker. An order with a predefined spread range is submitted to a dealer, and it is up to the dealer to fill that order within a limited timespan.
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