MAS FRN is one of the instruments that MAS issues.
|Issuer||Monetary Authority of Singapore|
|Tenor||6 months, 1 year and 2 years|
|Interest rate||Floating rate
Spread plus Compounded SORA
|Interest payments||For the 6-month MAS FRN, interest payment would be at maturity. For longer tenor MAS FRN, interest payment would be paid out every 6 months.|
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.
|Maximum number of bids||Unconstrained|
|Maximum allotment||Unconstrained for primary dealers and non-primary dealers.|
|Underwriter||Yes. Each primary dealer is obliged to tender for a minimum share of the issue on offer.|
|Cut-off time||By noon on auction day.|
Between the different stages of the auction process, the lag time is as follows:
|Between this stage||And this stage||Lag time is|
|Announcement||Auction||1 business day|
|Results||Settlement||3 business days|