Buy and Sell SGS and MAS-issued Securities: For Institutions

Institutions can buy Singapore Government Securities (SGS) bonds, Treasury Bills (T-bills), Cash Management Treasury Bills (CMTBs), MAS Bills and MAS Floating Rate Notes (FRN) at auctions, or buy and sell them on the secondary market.

Buy at Auction

What You Will Need
Institutions will need to open a trading account with a primary dealer.
How to Apply
•  You can submit your auction bid through a primary dealer on or before auction day.

•  Primary dealers need to submit all bids by noon on the auction day.

Auction Dates
Check the issuance calendar for scheduled auctions, announcements and results.
Method of Sale
Uniform price auction.
Non-competitive bids are only accepted for SGS bonds and T-bills.
Competitive bids are accepted for all SGS and MAS-issued securities.

Click here to find out more about how auctions are conducted.

Decide on Your Investment Amount
•  The minimum bid amount for SGS bonds, CMTBs and T-bills is S$1,000, and in multiples of S$1,000 up to the allotment limits.
•  The minimum bid amount for MAS Bills and MAS FRN is S$1,000, and in multiples of S$1,000. There are no allotment limits.
Results
After an auction closes, you can check the results about an hour later on the issuance calendar.
Settlement
Settlement for auctions is T+3 on a delivery-versus payment (DVP) basis.

Buy and Sell on the Secondary Market

What You Will Need
Institutions will need to open a trading account with a primary dealer.
How to Trade
Institutions can buy and sell SGS and MAS-issued securities through the following channels:

• Over-the-counter
• Through primary dealers’ dealer-to-client platforms
• In addition, primary dealers can also deal on Bloomberg E-bond platform and through brokers.

Trading Hours
9am to 11.30am and 2.00pm to 4.30pm Singapore time (Monday to Friday)
Decide on Your Investment Amount
Typically S$5 million
Settlement
Settlement is T+1 on a DVP basis over the MAS Electronic Payment System (MEPS+).