Buying SGS and MAS Bills: For Institutions
Institutions can buy Singapore Government Securities (SGS) bonds, T-bills and MAS Bills at auctions or in the secondary market.
What You Will Need
Buy at Auction
Institutions can take part in primary auctions to buy SGS bonds, T-bills and MAS Bills.
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 auctions, only competitive bids are accepted.
How to Apply
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
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 and MAS Bills 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.