Singapore legislation
Regulation 12
of Monetary Authority of Singapore (Book-Entry MAS Securities and Primary Dealers) Regulations 2013
Regulation 12
Allotment under uniform pricing format
Subregulation 1
Subject to these Regulations, book-entry MAS securities that are to be allotted under a uniform pricing format must be allotted in accordance with paragraphs (2) to (5).
Subregulation 2
Book-entry MAS securities must be allotted to applications under regulation 4(1) in ascending order commencing from the application expressing the lowest bid yield to the application expressing the highest bid yield.
Subregulation 3
Subject to paragraph (4), where there are insufficient book‑entry MAS securities remaining in respect of the issue to allot the securities in full, in accordance with paragraph (2), to any application under regulation 4(1), the amount of book‑entry MAS securities available for allotment must be allotted to that application.
Subregulation 4
Where 2 or more applications under regulation 4(1) express the same bid yield, and there are insufficient book‑entry MAS securities remaining in respect of the issue to allot the securities in full, in accordance with paragraph (2), to those applications, the amount of book‑entry MAS securities available for allotment must be allotted to those applications rateably in proportion to the amounts applied for by the respective applicants.
Subregulation 5
The yield for each successful application under regulation 4(1) is equal to the highest bid yield in any successful application under regulation 4(1) made pursuant to the same public notice.