Buying and Selling
T-bills are issued through auctions. Auctions typically take place 3 business days before issuance and are announced on the SGS website 5 business days before the auction.
You can submit your application through any of the approved primary dealers.
- 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, but there are limits for each auction.
- Typical issue size
- S$2 billion to S$4 billion.
- Who can buy
- All institutions and individuals, including non-residents.
- Settlement
-
- 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+).
- Custody
- By book entry in the investor's custody account.
- Institutions without a MEPS+ account need to open an SGS account with any primary dealer.
- Institutions can also use their Clearstream and Euroclear accounts to custodise SGS.
- Secondary market trading
-
- Primary dealers: Bloomberg E-bond platform, 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.