SINGAPORE BOND MARKET MECHANICS
Bond Mechanics
SGS Clean Price and Accrued Interest
How quoted SGS prices relate to the cash amount paid at settlement.
MECHANISM
SGS market prices are commonly shown on a clean-price basis, excluding accrued coupon interest. Settlement economics therefore require distinguishing the quoted clean price from the dirty price including accrued interest.
WHAT TO MONITOR
Watch coupon dates and accrued days when comparing quoted prices with transaction cash amounts.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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