MAS Bills: Information for Institutions
MAS conducts money market operations to manage Singapore's banking system liquidity. MAS Bills is one of the four instruments used in MAS' money market operations. Issuance of MAS Bills also increases the pool of SGD-denominated government and central bank debt securities available to meet the banks' regulatory need for high quality liquid assets.
The timing and amount of individual MAS Bill issues are decided by MAS. In deciding the timing and amount of MAS Bill issues, MAS considers the prevailing market conditions and its sterilisation needs.
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.
- 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 .
- 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.
- Maximum number of bids
- Maximum allotment
- Unconstrained for primary dealers and non-primary dealers.
- Yes. Each primary dealer is obliged to tender for a minimum share of the issue on offer.
- Post-auction subscription
- Cut-off time
- By noon on auction day.
- When-issued trading
Between the different stages of the auction process, the lag time is as follows:
|Between this stage||And this stage||Lag time is|
1 business day
3 business days