SINGAPORE BOND MARKET MECHANICS
SGS Auctions
SGS Non-Competitive Allotment
How non-competitive SGS applications are filled at the auction cut-off yield.
MECHANISM
Non-competitive applications do not specify a yield. Successful applications receive the cut-off yield determined by competitive bidding, subject to the applicable allocation rules and possible pro-rating.
WHAT TO MONITOR
Monitor the non-competitive share and any pro-rating alongside overall auction demand.
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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