T-bills: Information for Institutions
Treasury bills (T-bills) are short-term, tradable Singapore Government Securities that are issued at a discount to their face value. The Government issues 6-month and 1-year T-bills.
Buying and Selling
T-bills are issued through auctions. Auctions typically take place 3 business days before issuance and are announced on the SGS website 5 business days before the auction.
- 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, but there are .
- Typical issue size
- S$2 billion to S$4 billion.
- Who can buy
- All institutions and individuals, including non-residents.
- 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.
- Secondary market trading
- Primary dealers: Bloomberg E-bond platform, 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.