Government Securities (Debt Market and Investment) Regulations 2023

The Singapore government has published an all new Government Securities (Debt Market and Investment) Regulations 2023 which will apply to all new government securities issuances from March 15, 2023. Specifically, the regulations specify
– the method via which such issuances may be made (syndication, auction);
– the application process for purchasing debt securities (eligible applicants, the bid statement, cut-off times, etc.);
– the allocation process (limits on primary dealers, limits as regards non-competitive applications);
– the allocation methodology (quantity ceiling method versus multiple pricing method or a uniform pricing method);
– the process of a syndication issuance of transferable government securities (appointment of syndication members, the content of the public notice, the determination of securities yields, publication of syndication issuance results); and
– the determination of interest rates, frequency of payment, and redemption provisions.