MAS USD Facility

The MAS USD Facility ("Facility") contributes to the stability of USD funding conditions in Singapore, and facilitates USD lending to businesses in Singapore and the region. It will also contribute to global efforts by central banks to maintain stability and normal functioning of financial markets. The Facility is funded by the USD liquidity swap arrangement between the MAS and the US Federal Reserve.

Key Details

Eligible Counterparties  Banks in Singapore, subject to the Terms and Conditions of the Facility 
Transaction Type  Collateralised borrowing or Repurchase transaction 
Auction Type  Multiple-price  
Tenor  7-day, 28-day, 84-day 
Eligible Collateral 

Category A: SGD-denominated securities and cash
Category B: Certain foreign currencies and foreign currency denominated securities

Please refer to Collateral Eligibility (147.3 KB) for further details.  

Settlement Mode 

Eligible Counterparties may opt for either bilateral settlement of collateral, or triparty settlement of collateral via a Triparty Collateral Management Service facilitated by the Appointed Triparty Agent, Clearstream Banking S.A.

Please refer to Settlement Mode (91.8 KB) for further details.  

Minimum Bid Rate 
  • 7-day tenor: 1-week USD Overnight Index Swap (OIS) plus 25 basis points, rounded to 2 decimal places
  • 28-day tenor: 1-month USD OIS plus 25 basis points, rounded to 2 decimal places
  • 84-day tenor: 3-month USD OIS plus 25 basis points, rounded to 2 decimal places 
USDSGD FX Spot Reference  Bloomberg’s "SGD Curncy" mid-price (source: BFIX)  as displayed on the Historical Price page, one Business Day before  auction day. 
Haircuts  Collateral haircuts will be sent to banks via a MASNET circular.
Minimum Bid Amount  U$10 million 
Maximum Bid Amount  Not applicable 
Allotment Method 
  • Eligible Counterparties that submit the most competitive bids will be allotted the USD funds, and will pay the bidding price.
  • If the auction is over-subscribed, the funds will be distributed based on the competitiveness of the bid, with each bid capped at 20% of the auction size. At the auction cut-off bid rate, the funds will be allocated using the Quantity Ceiling method. This means that successful applicants with bids at the cut-off bid rate will be allotted increments of US$1 million up to their bid amount, or until all the USD funds have been allotted, whichever comes first. If there is insufficient amount for each applicants to receive the minimum increment, the funds will be distributed randomly.
  • If the auction is undersubscribed with at least one successful applicant's bid capped at 20% of the auction size, the funds that were not allotted will be allocated solely based on the competitiveness of the bids of such applicants.
  • For more information, please refer to section 6 of the Terms and Conditions.  
Operating Window 

Applications must be submitted between 1.40pm and 2.00pm.

Successful auction participants will be notified of their allotted amounts by 3.30pm.  

Auction Schedule and Amounts  Auction Schedule (133.5 KB) (updated as of 18 Sep 2020) 
Auction Results  Auction Results (1.06 MB) (updated as of 21 Sep 2020)  
Cash Settlement   T+2
Contact Information  Official dealing line: +65 6229 9150
Email: sgddiv@mas.gov.sg  
Terms and Conditions 
  1. Terms and Conditions of MAS USD Facility (965.7 KB)
  2. Appendix A – Bilateral Settlement Details and Processes for Category A1 Collateral in MEPS+ (898.5 KB)
  3. Appendix B – Bilateral Settlement Details and Processes for Repos using Category A2 and A3 in CDP (867.3 KB)
  4. Appendix C – Settlement Details and Processes for Specified Collateral Settled Via Appointed Triparty Agent(s) (895.8 KB)