GICs in this simulation
GICs in this simulation provide a way for investment teams to borrow money to invest. There are two types of GICs offered:
PROFFER GICs are when a purchaser sets the terms of a GIC and seeks issuer(s). For example, "$1,000,00 at 9% over 30 days". This "take-it-or-leave-it" GIC is available to the team(s) that agree.
BID GICs are when the purchase declares only the principal and term (for example, "$1,000,000 over 30 days") but allows investment teams to specify the interest rate, and select the highest rate. For example if Team A offers 7% and Team B offers 6%, then Team A wins the contract for $1,000,000 at 7% over 30 days.
There are a limited number of GICs. A Proffer GIC is awarded to the first team(s) that agree, while a Bid GIC is awarded to the team(s) that bid highest by the deadline.