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, 1 year and 2 years
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.