Singapore legislation
Regulation 22
of Government Securities (Debt Market and Investment) Regulations 2023
Regulation 22
Interest
Subregulation 1
Subject to regulation 30, the interest rate of Government securities allotted —
under Part 3; or
under a syndication method in Part 4, must be determined in accordance with paragraphs (2) and (3).
Subregulation 2
The interest rate of any Government security in an issue of Government securities must be as stated in the public notice for that issue.
Subregulation 3
Where no interest rate is stated in the public notice for an issue of Government securities, the interest rate of any Government security in that issue of Government securities is —
equal to —
the weighted average of the bid yields expressed in all applications made on a competitive basis that were successful, rounded down to the nearest 0.125%, where the Government securities are allotted under a multiple pricing method; or
the highest bid yield expressed in any application made on a competitive basis that is successful, rounded down to the nearest 0.125%, where the Government securities are allotted under a uniform pricing method or syndication method; or
0.125%,whichever is the higher.