Mini-auctions are reopenings of Singapore Government Securities (SGS) bonds with a maximum size of S$1.5 billion. Mini-auctions provide MAS with the flexibility to issue more bonds if there are unexpected instances of strong demand for a certain SGS bond.

When Mini-auctions Are Held

The possible dates of mini-auctions are published in the issuance calendar each year.

Unlike normal auctions, MAS will announce its decision on whether there will be a mini-auction 1 month before the scheduled issuance date. If the decision is to have a mini-auction, MAS will also announce the bond to be re-opened.

Mini-auction Process

Mini-auctions follow the same procedures as regular SGS bonds auctions. The issuance size will be announced 5 business days before the auction date.