Singapore legislation
Regulation 12
of Significant Infrastructure Government Loan Regulations 2021
Regulation 12
Allotment under multiple pricing method
Subregulation 1
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).
Subregulation 2
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.
Subregulation 3
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.
Subregulation 4
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.
Subregulation 5
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:
allot the amount available for allotment to the applications pursuant to the public notice made on a competitive basis, subject to sub‑paragraphs (b) and (c);
allot according to the respective amounts in each application pursuant to the public notice made on a competitive basis, subject to sub‑paragraph (c);
where 2 or more applications made on a competitive basis express the same bid yield, allot rateably in proportion to the amounts applied for by the respective applicants.
Subregulation 6
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.
Subregulation 7
The yield for each successful application made on a competitive basis is the bid yield in the application.