Institutions can buy SGS Bonds, T-bills and Cash Management Treasury Bills issued by the Singapore Government, as well as MAS Bills and MAS Floating Rate Notes (FRN) issued by the MAS.
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SGS Bonds |
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Available tenor
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2, 5, 10, 15, 20, 30 or 50 years |
Method of sale
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Auction: Uniform price auction - competitive or non-competitive bids Syndication: Placement Tranche - price and yield determined through the book-building process |
Frequency of issuance
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Auction: Monthly, according to the issuance calendar Syndication: From time to time, according to indicative timeframe as announced by MAS |
Central bank participation
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Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction |
Minimum investment amount
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Auction: S$1,000, and in multiples of S$1,000 Syndication: S$200,000. Bids for higher amounts must be in multiples of S$1,000. |
Maximum investment amount
|
Auction: Up to the allotment limit for auctions Syndication: None |
Coupon payment
|
Semi-annual coupon starting from the month of issue. Paid on the first business day of the month. |
|
SGS T-bills |
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Available tenor
|
6 months or 1 year |
Method of sale
|
Uniform price auction - competitive or non-competitive bids |
Frequency of issuance
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Fortnightly or quarterly, according to the issuance calendar |
Central bank participation
|
Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction |
Minimum investment amount
|
S$1,000, and in multiples of S$1,000 |
Maximum investment amount
|
None for overall holdings; up to the allotment limit for auctions |
Coupon payment
|
Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value. |
|
SGS Bonds |
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Available tenor
|
Less than 6 months (<182 days) |
Method of sale
|
Uniform price auction - competitive bids only |
Frequency of issuance
|
Ad-hoc |
Central bank participation
|
No |
Minimum investment amount
|
S$1,000, and in multiples of S$1,000 |
Maximum investment amount
|
None for overall holdings; up to the allotment limit for auctions |
Coupon payment
|
Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value. |
|
MAS Bills |
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Available tenor
|
4, 12, or 36 weeks |
Method of sale
|
Uniform price auction - competitive bids only |
Frequency of issuance
|
Weekly for 4-week and 12-week bills, according to the issuance calendar |
Central bank participation
|
No |
Minimum investment amount
|
S$1,000, and in multiples of S$1,000 |
Maximum investment amount
|
None |
Coupon payment
|
Zero-coupon; issued on a discount basis. Interest is paid at maturity, and is the difference between the purchase price and the face value. |
|
MAS FRN |
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Available tenor
|
6 months, 1 year and 2 years |
Method of sale
|
Uniform price auction - competitive bids only |
Frequency of issuance
|
Monthly, according to the issuance calendar |
Central bank participation
|
No |
Minimum investment amount
|
S$1,000, and in multiples of S$1,000 |
Maximum investment amount
|
None |
Coupon payment
|
Floating semi-annual coupon; issued at par. 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. |