SINGAPORE BOND MARKET MECHANICS
SGS Auctions
SGS Competitive Bidding
How yield-based competitive applications participate in Singapore Government Securities auctions.
MECHANISM
Competitive applications specify the yield an applicant is willing to accept. They therefore contribute directly to auction price discovery and determine the marginal clearing level.
WHAT TO MONITOR
Compare auction cut-off yield, amount applied and secondary-market yields immediately before the auction.
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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