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CMTBs: Information for Institutions
Cash Management Treasury Bills (CMTBs) are short-term, tradable government debt securities that are issued at a discount to their face value. They serve as an instrument within the Government’s cash management toolkit, enhancing the Government’s ability to manage any short-term cashflow mismatches. CMTBs are issued on an ad-hoc basis, and can be tailored to any tenor under 6 months.
Auction Updates
Product Information
| Legislation | Local Treasury Bills Act |
| Objective | To raise cash, should any short-term cashflow mismatches occur. |
| Issuer | Government of Singapore |
| Sovereign Credit Rating | AAA |
| Tenor | Less than 6 months (<182 days) |
| Frequency of issuance | Ad-hoc |
| Issuance timeline | Announcement on T-1 Auction on T Settlement on T+1 |
| Method of sale | Uniform price auction – competitive bids only |
| Coupon Payment | No coupon payment; instead they are issued at a discount to the face (par) value. The interest is paid at maturity, and is the difference between the purchase price and the face value. |
| Tax | There is no capital gains tax in Singapore. For residential financial institutions (excluding Financial Sector Incentive - Standard Tier companies) and corporations, interest income is taxed at a concessionary rate of 10% for SGS issued up to 31 Dec 2023. |
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More Information about CMTBs
Find out more about the SGS market, the auction process and how to buy and sell CMTBs.
Understanding SGS
Get an overview of Singapore's economy, credit rating and bond market. View the market features, legislation and guidelines, and tax treatment.
Buying and Selling CMTBs
Find out how to buy CMTBs at auctions, or buy and sell them on the secondary market.
Understanding Auctions
View the issuance calendar for planned auctions and find out how auctions work.