Compare Products for Institutions

	SGS Bonds
Available tenor	2, 5, 10, 15, 20, 30 or 50 years
Method of sale	Auction: Uniform price auction - competitive or non-competitive bids Syndication: Placement Tranche - price and yield determined through the book-building process
Frequency of issuance	Auction: Monthly, according to the issuance calendar Syndication: From time to time, according to indicative timeframe as announced by MAS
Central bank participation	Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction
Minimum investment amount	Auction: S$1,000, and in multiples of S$1,000 Syndication: S$200,000. Bids for higher amounts must be in multiples of S$1,000.
Maximum investment amount	Auction: Up to the allotment limit for auctions Syndication: None
Coupon payment	Semi-annual coupon starting from the month of issue. Paid on the first business day of the month.

	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
Coupon payment	Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value.

	SGS Bonds
Available tenor	Less than 6 months (<182 days)
Method of sale	Uniform price auction - competitive bids only
Frequency of issuance	Ad-hoc
Central bank participation	No
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
Coupon payment	Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value.

	MAS Bills
Available tenor	4, 12, or 36 weeks
Method of sale	Uniform price auction - competitive bids only
Frequency of issuance	Weekly for 4-week and 12-week bills, biweekly for 36-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
Coupon payment	Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value.

	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
Coupon payment	Floating semi-annual coupon; issued at par. 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.