Significant Infrastructure Government Loan Regulations 2021

An application pursuant to a public notice has to be made as follows:

Each application by an alternative method mentioned in paragraph (1)(b) must be accompanied by an administrative fee of $10.70 (inclusive of goods and services tax chargeable under the Goods and Services Tax Act 1993).

In the event of a malfunction or failure, or an imminent malfunction or failure, of the relevant electronic service in paragraph (1)(a), an application pursuant to a public notice has to be made in writing and according to the user guide for the relevant electronic service.

An application pursuant to a public notice has to be made —

Where a primary dealer makes applications under paragraph (1)(a) on behalf of 2 or more other persons, the applications must be kept distinct from each other and submitted separately to the MAS.

Where a primary dealer makes any application under paragraph (1)(a) on behalf of another person, the application must be kept and submitted to the MAS separately from any application made under paragraph (1)(b) for the primary dealer itself.

A person who intends to purchase SINGA securities pursuant to a public notice may make an application to purchase those SINGA securities on a competitive basis or on a non‑competitive basis in accordance with the terms of the issue of those securities.

All applications pursuant to a public notice made on a competitive basis —

All applications pursuant to a public notice must be made and received by the MAS not later than 12 noon of the auction day specified in that public notice.

The MAS must refuse to accept any application pursuant to a public notice that is received by the MAS after 12 noon of the auction day specified in that public notice.

However, the MAS may, in the event of —

Where the MAS has issued a public notice, it may at any time during the period starting on the date of issue of the public notice and ending at 12 noon of the auction day specified in the public notice, vary the amount of SINGA securities specified in the public notice to be made available for allotment, in which event the MAS must, as soon as possible, publish a notice to the general public of the variation in a manner as will secure adequate publicity for the fact of the variation.

To avoid doubt, a variation under paragraph (1) does not affect the validity of any application to purchase SINGA securities made pursuant to the public notice and before the variation.

Subject to these Regulations, SINGA securities that are to be allotted under a multiple pricing method must be allotted in accordance with paragraphs (2) to (7).

For every issue of SINGA securities in a public notice, the SINGA securities must be allotted to applications pursuant to the public notice made on a non‑competitive basis in priority to all applications pursuant to that public notice made on a competitive basis.

Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (2), the SINGA securities available for allotment have to be allotted to the applications made on a non‑competitive basis rateably in proportion to the amounts applied for by the respective applicants.

For any issue of SINGA securities in a public notice, after allotment in accordance with paragraph (2) or (3), the balance of SINGA securities must be allotted to applications pursuant to the public notice made on a competitive basis, in ascending order, starting from the application expressing the lowest bid yield to the application expressing the highest bid yield.

Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (4), the SINGA securities available must be allotted as follows:

The yield for each successful application made on a non‑competitive basis is equal to the weighted average of the bid yields in the successful applications made on a competitive basis.

The yield for each successful application made on a competitive basis is the bid yield in the application.

Subject to these Regulations, SINGA securities that are to be allotted under a uniform pricing method must be allotted in accordance with paragraphs (2) to (6).

For every issue of SINGA securities in a public notice, the SINGA securities must be allotted to applications pursuant to the public notice made on a non‑competitive basis in priority to all applications pursuant to that public notice made on a competitive basis.

Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (2), the SINGA securities available for allotment have to be allotted to the applications made on a non‑competitive basis rateably in proportion to the amounts applied for by the respective applicants.

For any issue of SINGA securities in a public notice, after allotment in accordance with paragraph (2) or (3), the balance of SINGA securities must be allotted to applications pursuant to the public notice made on a competitive basis, in ascending order, starting from the application expressing the lowest bid yield to the application expressing the highest bid yield.

Where there are insufficient SINGA securities in an issue to allot in full in accordance with paragraph (4), the SINGA securities available must be allotted as follows:

The yield for each successful application pursuant to a public notice, whether made on a competitive or non‑competitive basis, is the highest bid yield in any successful application pursuant to that public notice made on a competitive basis.

The MAS must notify every successful applicant who is a primary dealer.

Where a successful applicant is not a primary dealer, the MAS must give to the primary dealer which had submitted the application on behalf of the successful applicant, a notification specifying the particulars of allotment of SINGA securities to the successful applicant.

On receipt of a notification under paragraph (2), the primary dealer concerned must without delay inform the successful applicant of the particulars specified in the notification.

Subject to regulation 28, the interest rate of SINGA securities allotted —

The interest rate of any SINGA security in an issue of SINGA securities must be as stated in the public notice for that issue.

Where no interest rate is stated in the public notice for an issue of SINGA securities, the interest rate of any SINGA security in that issue of SINGA securities is —

Interest on any book-entry SINGA security must be credited into the appropriate account for book‑entry SINGA securities maintained by the MAS —

Where interest on any book-entry SINGA security is credited into an account of book‑entry SINGA securities maintained by the MAS for a depositary institution which holds the book‑entry SINGA security for the account of the owner thereof, the depositary institution must immediately credit the interest into the appropriate account of the owner of the book‑entry SINGA security maintained at that institution.

Any payment for SINGA securities allotted under Part 2 or 3 has to be made by way of a pre‑authorised funds transfer to the MAS from the account of the applicant’s settlement bank specified in the application, in accordance with the terms of authorisation provided to the MAS by the settlement bank.

The payment mentioned in paragraph (1) must be made on the date specified in the public notice relating to the relevant issue of the SINGA securities.