What Are Mini-Auctions

Mini-auctions provide MAS with the flexibility to issue more bonds if there are surges in demand.

What It Is

Mini-auctions (134.9 KB) are reopenings of Singapore Government Securities (SGS) bonds with a maximum size of S$1 billion.

Their purpose is to allow MAS to address unexpected instances of strong demand for bonds.

When Mini-Auctions Are Held

The possible dates of mini-auctions are published in the issuance calendar each year.

Unlike normal auctions, MAS will announce its decision on whether there will be a mini-auction 1 month before the scheduled issuance date. If the decision is to have a mini-auction, MAS will also announce the bond to be re-opened.

Mini-Auction Process

Mini-auctions follow the same procedures as regular SGS auctions. The issuance size will be announced 5 business days before the issuance date.