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. |
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Decide on Your |
• 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. |
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+).