Latest 4-week closing yield
MAS Bills is one of the instruments that MAS uses to manage Singapore's banking system liquidity.
- Monetary Authority of Singapore
- 4 or 12 weeks
- Interest rate
- No coupon. Issued at a discount to the face value
- Interest payments
- Upon maturity, investors receive the face value
Buying and Selling
MAS Bills are issued to institutional investors through auctions, which typically take place 3 business days before issuance. Auctions are announced on the MAS website 1 business day before each auction. The issuance size of each MAS Bill is also published then.
You can submit your application through any of the approved primary dealers.
- Frequency of issuance
- 4-week and 12-week bills: weekly
- Method of sale
- Uniform price auction - competitive bids only.
- Bid format
- In yield terms, up to 2 decimal places.
- Investment amount
- S$1,000, and in multiples of S$1,000.
There is no maximum amount an institution can hold
- Who can buy
- Institutional investors only .
- T+3 for auctions; T+1 in the secondary market on a delivery-versus-payment (DVP) basis.
Settled via the MAS Electronic Payment System (MEPS+).
- By book entry in the investor's custody account. Institutions without a MEPS+ account need to open an MAS Bills account with a primary dealer.
- Secondary market trading
- Primary dealers: brokers.
Institutional investors: over-the-counter and through primary dealers' dealer-to-client platforms.
Trading hours are from 9am to 11:30am and 2pm to 4:30pm.
- Trading basis
- Prices to 3 decimal places.
- Typical transaction size
- S$5 million for on-the-runs (benchmarks) and off-the-runs.
- Maximum number of bids
- Maximum allotment
- Unconstrained for primary dealers and non-primary dealers.
- Yes. Each primary dealer is obliged to tender for a minimum share of the issue on offer.
- Post-auction subscription
- Cut-off time
- By noon on auction day.
- When-issued trading
Between the different stages of the auction process, the lag time is as follows:
|Between this stage||And this stage||Lag time is|
1 business day
3 business days
There is no capital gains tax in Singapore.
For resident financial institutions (excluding Financial Sector Incentive - Standard Tier companies) and corporations, interest income is taxed at a concessionary rate of 10% for MAS Bills issued up to 31 Dec 2023.
Below are the legislation governing the issuance and management of MAS Bills.