Many Singapore retail investors don't understand bond trading.

Temasek retail bond closed at $1.022 which denoted that the bond yield was a lot lower than 2.7%.

I've calculated the bond yield below in a simple bond cashflow table.

The bond yield at $1.022 is 2.23%.  Therefore, it is stupid for retail investors to purchase the bond at $1.022 as there are other financial derivatives to invest in to yield a much higher return.