Buying and Selling
MAS Bills are issued to institutional investors through auctions, which typically take place 3 business days before issuance. Auctions are announced on the MAS website 1 business day before each auction. The issuance size of each MAS Bill is also published then.
You can submit your application through any of the approved primary dealers.
- Frequency of issuance
- 4-week and 12-week bills: weekly
- Bid format
- In yield terms, up to 2 decimal places.
- Investment amount
- S$1,000, and in multiples of S$1,000.
There is no maximum amount an institution can hold
- T+3 for auctions; T+1 in the secondary market on a delivery-versus-payment (DVP) basis.
Settled via the MAS Electronic Payment System (MEPS+).
- By book entry in the investor's custody account. Institutions without a MEPS+ account need to open an MAS Bills account with a primary dealer.
- Secondary market trading
- Primary dealers: brokers.
Institutional investors: over-the-counter and through primary dealers' dealer-to-client platforms.
Trading hours are from 9am to 11:30am and 2pm to 4:30pm.
- Trading basis
- Prices to 3 decimal places.
- Typical transaction size
- S$5 million for on-the-runs (benchmarks) and off-the-runs.