Non-Competitive Tender

What Does Non-Competitive Tender Mean?
One of the two bid processes for buying debt issuances. Non-competitive tender is for small investors, while competitive tender is for large institutional investors. The price that a non-competitive bidder receives is the average bid price of all competitive bids.

Also known as a "non-competitive bid".

Investopedia explains Non-Competitive Tender
This is a method of distribution used primarily by the U.S. Treasury. The minimum non-competitive tender is $10,000, and these are usually made through a Federal Reserve Bank or a commercial bank.

There is no guarantee on the price or the amount received.