Issuance of New Government Bonds/Bills 

Inaugural Singapore Government Securities (Infrastructure) Issuance

10 May 2021

Parliament passed the Significant Infrastructure Government Loan Act (SINGA), authorising the Government to borrow up to S$90 billion over the next 15 years to finance major, long-term infrastructure, such as new rail lines and coastal protection infrastructure to protect Singapore against rising sea levels.

On behalf of the Government, MAS issued the first Singapore Government Securities (SGS) (Infrastructure) under SINGA on 1 October 2021. The new S$2.6 billion 30-year benchmark bond, was issued at a cut-off yield of 1.95%. 

Cash Management Treasury Bills (CMTBs) issuance

3 November 2021

MAS worked with the Government and Primary Dealers to establish the CMTBs programme, and successfully completed a test issuance of CMTBs on 3 November 2021. The introduction of CMTBs augments the Government's cash management toolkit with a new type of Treasury Bill that can be issued on an ad-hoc basis to meet temporary cashflow mismatches.

Reserves Management Government Securities (RMGS)

11 January 2022

Parliament passed the Monetary Authority of Singapore (Amendment) Act 2022, which empowered MAS to subscribe to RMGS. RMGS is a type of non-marketable security issued by the Government to MAS, to facilitate the transfer of excess OFR to the Government for longer-term management by GIC. Excess OFR arises when MAS accumulates reserves that are above what is required for conducting monetary policy and supporting financial stability.