MAS Bills: Information for Institutions

MAS conducts money market operations to manage Singapore's banking system liquidity. MAS Bills is one of the instruments used in MAS' money market operations. Issuance of MAS Bills also increases the pool of SGD-denominated government and central bank debt securities available to meet the banks' regulatory need for high quality liquid assets. 

MAS considers the prevailing market conditions and its sterilisation needs, in deciding the timing and amount of MAS Bills to be issued.


Product Information

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 
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.

Auction Details

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

Auction Timeline

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



1 hour



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 2028.

More on tax


If you have any questions or enquiries about this product, please contact us.