The auction of SGS Bonds was changed from the multiple-price format to the uniform-price format in 2003, while the auction of SGS Treasury Bills was maintained at the multiple-price format. The MAS has since reviewed the auction format for SGS Treasury Bills and has decided to standardize both auction formats.
Henceforth, all SGS Treasury Bill auctions will be conducted on a uniform-price basis, with effect from the 11 December 2006.
In a uniform-price SGS Treasury Bill auction, successful competitive bidders and all non-competitive bidders will be allotted the securities at a uniform yield, which is the highest accepted yield (also referred to as cut-off yield) of successful competitive bids submitted at the auction.
With the above changes, both SGS bond auctions and SGS Treasury bill auctions will be conducted based on the uniform-price auction format.
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