What you will need

A bank account with one of the three local banks (DBS/POSB, OCBC, and UOB). You will also need an individual CDP account with Direct Crediting Services activated. This allows coupon and principal payments to be credited directly into your bank account.

How to apply

Only cash applications are accepted for the Public Offer. 

Please note that CPF and SRS applications are not eligible for the Public Offer.  If you wish to purchase the bonds in the secondary market using CPF and/or SRS funds, you should consult your bank and broker.

Submit an application via DBS/POSB, OCBC and UOB ATMs or internet banking portals, or DBS’ and UOB’s mobile banking application. 

• Apply through the relevant Electronic Security Application (ESA)/ Initial Public Offering (IPO) services of DBS/OCBC/UOB.

Note: Do not apply using the “Singapore Government Securities” or “SGS” platform, which is meant for SGS auctions.

Submit only one application per individual (across all banks). Multiple applications will be rejected.
 
Note: A non-refundable administrative fee of S$2 for the application is paid by the applicant to the bank at the point of application.

Decide on your investment amount

The price and yield of the syndicated SGS issuance will be announced on the MAS website, after the bond has been priced in the institutional market. In determining your application amount, please note that:

• Each unit represents S$100 in face value of bonds. The minimum application size is 10 units.
• An application must be in multiples of 10 units (i.e. an application must be in multiples of S$1,000 in face value of bonds).
• There is no limit on the application size of the bond; however, please do not apply for more bonds than you wish to receive.  

Ensure you have sufficient funds in the account you use to apply.

For syndications, the full bid amount will be debited from your account at the point of application. 

If your bid is partially successful or unsuccessful, the money will be refunded into the account used to make the application. The refund will be reflected in your account by the following business day after allotment day (allotment is performed 1 business day after close of applications).

Application timeline

Applications for the Public Offer will typically open one business day after the price and yield have been determined. The Public Offer will typically be open for about 3 to 5 days.

Refer to announcements on MAS’ website for the opening and closing dates of the Public Offer.

You can check the aggregate results of the Public Offer of the syndicated SGS issuance about 1-2 business day(s) after the close of the Public Offer. 

MAS will seek to allocate the bonds to as many individuals as possible, taking into account the distribution of applications. If the size of the Public Offer is sufficient to cover all applications received, all applications will be fully filled. 

The SGS bonds will be issued about 2 business days after the results are announced. 

If your application is successful, the securities will be reflected in your individual CDP account after the issuance date.