How Syndications Are Conducted

Singapore Government Securities (SGS) bonds may also be issued via syndication. Find out how the syndication process works here.

Syndication Process and Timeline

In addition to the regular schedule of SGS bonds auctions, MAS may from time to time use syndication as an additional method of issuing SGS bonds. Syndication involves the appointment of a group of banks, known as Bookrunners, to jointly market and distribute a bond. Syndication provides MAS added flexibility to determine the timing and size of an issuance based on market conditions. This will enhance the Government’s ability to issue across varied market conditions.

Oct/Nov the year before
Annual Issuance Calendar

Announcement accompanying the new Annual Issuance Calendar will provide an indication of the likely timing and tenor range of syndicated issuances in the new calendar year.

Up to a week before pricing day
Mandate announcement 

Announcement of Bookrunners appointed for the upcoming syndicated issuance.

Pricing day (T)
Opening of Placement Tranche 

MAS will issue a Public Notice in the morning to announce the launch of the syndicated issuance. The bond will  be offered by Bookrunners to institutional and other investors. The price and yield of the bond will be determined through an intra-day book-building process, and will be announced in a Pricing Notice published on the MAS website by the evening of pricing day.

One business day after pricing day (from T+1)
Opening of Public Offer

The bond will be offered to the public, at the price and yield determined in pricing the Placement Tranche (i.e. price and yield published in the Pricing Notice). The opening and closing dates for the Public Offer will be set out in the Pricing Notice published on pricing day. 

Note: Prior to the close of the placement tranche and the Public Offer, MAS may at its sole discretion re-allocate the aggregate principal amount of bonds offered between the Placement Tranche and the Public Offer.
1-2 business day(s) after the close of the Public Offer
Publication of Results

MAS will publish the syndication results, which will include information such as:

  • Total amount of applications received from the Placement Tranche and the Public Offer.
  • Total amount allotted to the Placement Tranche and the Public Offer.
  • Overview of the allotment for the Placement Tranche and the Public Offer.
After issuance date
Issuance of the SGS bond

For individual investors, your holdings will be reflected in your CDP statement.

For institutional investors, your holdings will be reflected in your custody account.

Who Can Take Part

Institutions and individuals, including non-residents, can purchase SGS bonds issued via syndication:

  • Institutional and other investors can participate in the Placement Tranche launched on pricing day (T).
  • Individual investors can subscribe to the offering when the Public Offer is launched, typically one business day after T (T+1). The Public Offer will open after the Placement Tranche.

Offering Circular/MTN Programme