MAS FRN are issued to institutional investors through auctions, and issuance typically takes place 3 business days after. Auctions are announced on the MAS website 1 business day before each auction. The issuance size of each MAS FRN will also be published at the same time.
You can submit your applications through any of the approved primary dealers.
Frequency of issuance |
Monthly |
Method of sale |
Uniform price auction – competitive bids only. |
Bid format |
Spread 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 |
Settlement |
T+3 for auctions; T+1 in the secondary market on a delivery-versus-payment (DVP) basis.
Settled via the MAS Electronic Payment Systems (MEPS+). |
Custody |
By book entry in the investors’ custody account. Institutions without a MEPS+ account need to open a securities custody account with a primary dealer. |
Secondary market trading |
Primary Dealers: e-trading platform or through brokers
Institutional investors: through brokers, 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. |