Schemes and Initiatives

Sustainable Bond Grant Scheme

MAS' Sustainable Bond Grant Scheme encourages the issuance of green, social, sustainability and sustainability-linked bonds in Singapore and is open to first-time and repeat issuers. Find out about scheme details, including qualifying criteria, eligible expenses and issuance process.

Green, social, sustainability and sustainability-linked bonds can help channel capital towards catalysing broader adoption of sustainability practices. Issuing such bonds allows companies to:

  • Meet corporate social responsibility (CSR) objectives.
  • Diversify their investor base.
  • Achieve long-term pricing advantage.

The Sustainable Bond Grant Scheme encourages the issuance of green, social, sustainability and sustainability-linked bonds in Singapore and is valid till 31 May 2023.

    See also:

  • Harnessing the Power of Finance for a Sustainable Future - Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Financial Times Investing for Good Asia Digital Conference on 13 October 2020 - Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Financial Times Investing for Good Asia Digital Conference on 13 October 2020
  • Nurturing the Growth of Green, Social and Sustainability Bonds - Opening Remarks by Mr Benny Chey, Assistant Managing Director, Monetary Authority of Singapore, at the Innovate4Climate, on 4 June 2019
  • The Asian Green Bonds Opportunity - Opening Address by Mr Ng Yao Loong, Assistant Managing Director, Monetary Authority of Singapore, at the IFC Green Bonds Asia: Opportunities for Financial Institutions Conference on 7 June 2018
  • Keynote Address by Mr Lawrence Wong, Minister for National Development and Second Minister for Finance, at the Investment Management Association of Singapore's 20th Anniversary Conference on 23 March 2017

Grant Details

MAS recognises that issuers of green, social, sustainability and sustainability-linked bonds may have to bear additional costs, as they engage external reviewers to ascertain their green, social, sustainability and sustainability-linked bond status. 

The details of the scheme are as follows:

  Details
Qualifying issuer First time and repeat green, social, sustainability and sustainability-linked bonds. Issuers may apply for the grant multiple times.
Qualifying issuance

• Bonds of any currency with a pre-issuance external review or rating done to demonstrate alignment with any internationally-recognised green, social, sustainability and sustainability-linked principles or standards.
• Green, social, sustainability or sustainability-linked bond issued and listed in Singapore. For sustainability-linked bonds, there must be post-issuance external review or reporting done annually for the first 3 years or up till the tenure of the bond, whichever is earlier.
• Minimum size of $200 million or a bond programme size of at least $200 million with an initial issuance of at least $20 million.
• Minimum tenure of 1 year.

• Pre-issuance external review or rating and post-issuance external review or reporting work performed by external reviewers in Singapore. 

• Part of the sustainability advisory and assessment work performed by financial institutions in Singapore.

Eligible expense

Costs incurred in respect of the independent external review or rating done based on any internationally-recognised green/social/sustainability bond principles or framework.

• Pre-issuance external review or rating done which demonstrated alignment with any internationally-recognised green, social, sustainability and sustainability-linked bond principles or standards.

• Post-issuance external review or reporting for allocation and reporting done annually for the first 3 years or up till the tenure of the bond, whichever is earlier.

Per-issuance cap Cap of $100,000 or 100% of the eligible expense per qualifying issuance. 

How to Apply

Interested parties can write to fsdf@mas.gov.sg for more information.

Applicants of Sustainable Bond Grant should submit their applications no later than 3 months after the issue date.