Singapore legislation
Regulation 15
of Government Securities (Debt Market and Investment) Regulations 2023
Regulation 15
Allotment under quantity ceiling method
Subregulation 1
Non-transferable Government securities must be allotted under a quantity ceiling method in accordance with paragraphs (2), (3) and (4).
Subregulation 2
Where the proposed value of an issue of non‑transferable Government securities is equal to or greater than the total value of all applications for that issue —
all applicants must be allotted the full number of non‑transferable Government securities that they have applied for; and
the total value of the non-transferable Government securities to be issued must be equal to the total value of all applications for the issue.
Subregulation 3
Where the proposed value of an issue is less than the total value of all applications for that issue, and the proposed value is insufficient to fulfil the first $500 in value of each applicant’s application, equal proportions must be randomly allotted among all outstanding applications.
Subregulation 4
Where the proposed value of an issue is less than the total value of all applications for that issue, and the proposed value is sufficient to fulfil the first $500 in value of each applicant’s application, equal proportions must be allotted among the first $500 in value of each application, and where the balance of the proposed value —
is insufficient to fulfil the next $500 in value of each applicant’s outstanding application, equal proportions must be randomly allotted among all outstanding applications; or
is sufficient to fulfil the next $500 in value of each applicant’s outstanding application (called the relevant value), equal proportions must be allotted among the relevant value of each outstanding application and so on, until the balance of the proposed value is insufficient to fulfil all outstanding applications, in which case equal proportions must be randomly allotted among all outstanding applications.
Subregulation 5
For the purpose of paragraphs (2), (3) and (4), where an applicant has made more than one application to purchase non‑transferable Government securities pursuant to an issue, the value of each of the application must be aggregated in determining the value of the applicant’s application in relation to that issue.
Subregulation 6
In this regulation —
Definition
“equal proportions” means non-transferable Government securities in equal proportions of $500 in value;
Definition
“proposed value”, in relation to an issue, means the proposed maximum value of the non‑transferable Government securities to be issued, as announced by the Authority on the Internet or in a local English language daily newspaper;
Definition
“randomly allotted”, in relation to an issue, means the random allotment of non‑transferable Government securities among all outstanding applications until all non‑transferable Government securities for that issue have been allotted.