In a competitive sale, the issuer publishes a notice of sale, which announces its intent to issue new debt. The notice usually includes the date and time of the sale, as well as the specifics of the debt, such as the total amount to be issued, the type, and any parameters for the interest rates.
Bonds are usually awarded to the bid adhering to the requirements of the official notice of sale that will result in the lowest interest cost to the issuer.