Products for Institutions

Institutions can buy SGS Bonds and T-bills issued by the Singapore Government, as well as MAS Bills and MAS Floating Rate Notes (FRN) issued by the MAS.

SGS Bonds 
Available tenor
2, 5, 10, 15, 20 or 30 years
Method of sale
Uniform price auction - competitive or non-competitive bids
Frequency of issuance
Monthly, according to the issuance calendar 
Central bank participation
Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction
Minimum investment amount
S$1,000, and in multiples of S$1,000
Maximum investment amount
None for overall holdings; up to the allotment limit for auctions
Type of interest rate payment
Fixed semi-annual coupon
Frequency of interest payments
Every 6 months, starting from the month of issue
SGS T-bills 
Available tenor
6 months or 1 year
Method of sale
Uniform price auction - competitive or non-competitive bids
Frequency of issuance
Fortnightly or quarterly, according to the issuance calendar 
Central bank participation
Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction
Minimum investment amount
S$1,000, and in multiples of S$1,000
Maximum investment amount
None for overall holdings; up to the allotment limit for auctions
Type of interest rate payment
Zero-coupon; issued on a discount basis
Frequency of interest payments
At maturity
MAS Bills 
Available tenor
4 or 12 weeks
Method of sale
Uniform price auction - competitive bids only
Frequency of issuance
Weekly for 4-week and 12-week bills, according to the issuance calendar
Central bank participation
No
Minimum investment amount
S$1,000, and in multiples of S$1,000
Maximum investment amount
None
Type of interest rate payment
Zero-coupon; issued on a discount basis
Frequency of interest payments
At maturity
MAS FRN
Available tenor
6 months
Method of sale
Uniform price auction - competitive bids only
Frequency of issuance
Monthly, according to the issuance calendar
Central bank participation
No
Minimum investment amount
S$1,000, and in multiples of S$1,000
Maximum investment amount
None
Type of interest rate payment
Floating semi-annual coupon; issued at par
Frequency of interest payments

For the 6-month MAS FRN, interest payment would be at maturity.

For longer tenor MAS FRN, interest payment would be paid out every 6 months.