sg-crest A Singapore Government Agency Website

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 syndications, or buy and sell them on the secondary market.

Institutions who are interested to apply at auctions should submit their applications through one of the approved primary dealers. In considering whether to invest, institutions may wish to take into account the following non-exhaustive factors, and/or check with your bank on:

  • Whether the investment meets your investment objectives and liquidity needs
  • Which tenors may be appropriate for your intended holding period
  • The minimum application amount imposed by the bank
  • Any fees or charges that may be applied by the bank
Do note that the minimum application amounts and applicable fees may vary across banks. You may wish to check with your bank for more details.

 

Buy at Auction or Syndication

  Auction Syndication
What You Will Need Institutions will need to open a trading account with a primary dealer. Contact a Bookrunner appointed for the specific syndicated issuance for more information.
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.
 Ahead of pricing day, MAS will publish a Mandate Announcement that will list the Bookrunners involved in the transaction. You can submit orders through a Bookrunner on pricing day (T).
Important Dates Check the issuance calendar for scheduled auctions, announcements and results. Check the issuance calendar / Bonds & Bills announcements for upcoming syndications, 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.

Intraday book-building process for the Placement Tranche.


Click here to find out more about how syndications 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.

* As the minimum application amount required by your bank may be different, please check with your bank directly.

 The minimum bid amount for SGS bonds in the Placement Tranche issued via syndication is S$200,000. Bids for higher amounts must be in multiples of S$1,000.
Results After an auction closes, you can check the results about an hour later on the issuance calendar. The price and yield of the bond will be announced at the end of pricing day. The overall results for the issuance would be published 1-2 business day(s) after the close of the Public Offer.
Settlement Settlement for auctions is T+3 on a delivery-versus payment (DVP) basis. Settlement for syndications is typically about 6-8 business days after pricing day. The settlement date will be announced when the syndicated transaction is launched.

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+).