Singapore legislation
Regulation 14
of Monetary Authority of Singapore (Book-Entry MAS Securities and Primary Dealers) Regulations 2013
Regulation 14
Interest rate of book-entry MAS securities
Subregulation 1
The public notice for each issue of book‑entry MAS securities must state whether interest is payable on those securities.
Subregulation 2
Subject to regulation 22, where interest is payable on any book‑entry MAS securities allotted under regulation 10, 11 or 12, the interest rate of those securities must be determined in accordance with paragraph (3) or (4).
Subregulation 3
The interest rate of book-entry MAS securities in an issue of those securities must be as stated in the public notice for that issue.
Subregulation 4
Where no interest rate is stated in the public notice for an issue of book‑entry MAS securities, the interest rate of those securities is the higher of the following:
a percentage equal to —
the weighted average of the bid yields expressed in all applications under regulation 4(1) that were successful, rounded down to the nearest 0.125%, if those securities are allotted under a multiple pricing format; or
the highest bid yield expressed in any successful application under regulation 4(1), rounded down to the nearest 0.125%, if those securities are allotted under a uniform pricing format;
0.125%.