As a rule, the price of the bond should be higher than the offer price. This can be attributed to the expected behavior that the investor will not be able to sell a security (price) for less than the price they are willing to pay for it (the price).
As BID/ask quotes for t-bills
Since there is more than one way to Quote prices for the buying and selling of t-bills, the quoted price might be lower than supply.
For example, one common Quote that you can see on 365-day t-bills on July 12 applications for 2.35 per cent, set of 2.25 percent. At first glance the rate seems higher than to ask, but upon further inspection, you may notice that in fact higher. The reason for this is that t-bill is a discount bond and the interest yield, not actual prices.
If you translate the bid and ask discount yields in terms of dollar prices, we get the rate of $97.65 and ask for $97.75. Therefore, the rate is actually lower than to ask. Sometimes the quotes on government bonds shown in actual prices, in this case, you don’t have to convert or anything to calculate. The same t-bill is higher, thus, can be specified with the bid and ask 97.65 97.75.
As the amount in dollars, rates should be lower than the ask yield quoted rate in percentage should be higher than quotes given to specify a percentage — two different quotes are just different ways of saying the same thing.