Subscription and allocation results for the seventh inflation-linked iBond were released today.

A total of 456,380 valid applications were received for more than $38.3 billion in principal amount of bonds.

The final issue amount is $15 billion.

Financial Secretary Paul Chan said the oversubscription reflects that as a safe and stable investment alternative, the iBond is well received by the market amid prolonged periods of low interest rates and uncertainty in the investment environment.

The launch of the iBond will also enhance citizens' familiarity and interest in bond investment, thus strengthening the development of the local retail bond market, he added.

The 196,391 applications for one to three units will be allocated the full amount.

The other 259,989 applications for four or more units will be allocated three units each, while 230,930 will be allocated one additional unit after a ballot.

The iBond will be issued on November 16 and listed on the Stock Exchange on November 17.