For competitive bidding, tenders are sorted in order of yield (lowest to highest) or price/100 (highest to lowest) and amount of bid. This order is used to allot securities to bidders until the issue is fully subscribed. After tenders are processed and amounts allocated to successful bidders, Fully Automated System for Tendering (FAST) generates reports accessible to Principal Dealers (PDs). Allotments go initially to PD accounts. Then PDs distribute client bids with the dealers advising customers of bid results.
Tender results are interfaced with Malaysia's Real-time Electronic Transfer of Funds and Securities (RENTAS) for securities allotment and funds transfer. On the issue date, Principal Dealers' securities accounts are credited with the new bonds, while their cash accounts are debited for the price of the securities purchased. Principal Dealers have various procedures for settlement with clients. Normally, they debit a client's deposit account while crediting the client's securities account.