Buying SGS, MAS Bills and MAS Floating Rate Notes: For Institutions

Institutions can buy Singapore Government Securities (SGS) bonds, T-bills, MAS Bills, and MAS Floating Rate Notes (FRN) at auctions or in the secondary market.

What You Will Need

To apply for SGS, MAS Bills or MAS FRN, institutions will need to open a trading account with a primary dealer.

Buy at Auction

Institutions can take part in primary auctions to buy SGS bonds, T-bills and MAS Bills and MAS FRN.

Who can apply
All institutions , including non-residents.
Method of sale
Uniform price auction.
Products available
Institutions can buy SGS bonds, T-bills,  MAS Bills, and MAS FRN at auction.
Auction dates
Check the issuance calendar for scheduled auctions, announcements and results.

Types of Bids

You can submit competitive or non-competitive bids for SGS bond and T-bill auctions.

All non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated on a pro-rated basis.

After non-competitive bids are allotted, the balance amount is allotted to competitive bids from the lowest to highest yields.

For MAS Bill and MAS FRN auctions, only competitive bids are accepted.

Investment Amounts

The minimum bid amount for SGS bonds 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.

How to Apply

You can submit your auction bid through a primary dealer.

You should submit your bid to the primary dealers on or before auction day.

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

Results and Settlement

After an auction closes, you can check the results about an hour later on the MAS website.

Settlement for auctions is T+3 on a delivery-versus-payment (DVP) basis.

Note: Institutions can use their Clearstream and Euroclear accounts to custodise SGS.

Trade in the Secondary Market

In the secondary market, institutions can buy and sell SGS bonds, T-bills, MAS Bills and MAS FRN through the following channels:

  • Primary dealers: Bloomberg E-bond platform (SGS and T-bills only), brokers.
  • Non-primary dealers: over-the-counter and through primary dealers' dealer-to-client platforms.

Trading hours are from 9am to 11:30am and 2pm to 4:30pm.


Settlement is T+1 in the secondary market on a DVP basis.