Auction Announcements
Overview
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Outstanding amount
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Latest 4-week closing yield
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Latest 12-week closing yield
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Latest 36-week closing yield test
Product Information
Key Details
MAS Bills is one of the instruments that MAS uses to manage Singapore's banking system liquidity.
- Issuer
- Monetary Authority of Singapore
- Tenor
- 4, 12, or 36 weeks
- Currency
- SGD
- Interest rate
- No coupon. Issued at a discount to the face value
- Interest payments
- Upon maturity, investors receive the face value
Buying and Selling
MAS Bills are issued to institutional investors through auctions, which typically take place 3 business days before issuance. Auctions are announced on the MAS website 1 business day before each auction. The issuance size of each MAS Bill is also published then.
You can submit your application through any of the approved primary dealers.
- Frequency of issuance
- 4-week, 12-week: weekly and 36-week: biweekly
- Method of sale
- Uniform price auction - competitive bids only.
- Bid format
- In yield terms, up to 2 decimal places.
- Investment amount
- S$1,000, and in multiples of S$1,000.
There is no maximum amount an institution can hold - Who can buy
- Institutional investors only .
- Settlement
- T+3 for auctions; T+1 in the secondary market on a delivery-versus-payment (DVP) basis.
Settled via the MAS Electronic Payment System (MEPS+). - Custody
- By book entry in the investor's custody account. Institutions without a MEPS+ account need to open an MAS Bills account with a primary dealer.
- Secondary market trading
- Primary dealers: brokers.
Institutional investors: over-the-counter and through primary dealers' dealer-to-client platforms.
Trading hours are from 9am to 11:30am and 2pm to 4:30pm.
- Trading basis
- Prices to 3 decimal places.
- Typical transaction size
- S$5 million for on-the-runs (benchmarks) and off-the-runs.
Auction Details
- Maximum number of bids
- Unconstrained
- Maximum allotment
- Unconstrained for primary dealers and non-primary dealers.
- Underwriter
- Yes. Each primary dealer is obliged to tender for a minimum share of the issue on offer.
- Post-auction subscription
- No
- Cut-off time
- By noon on auction day.
- When-issued trading
- Yes
Auction Timeline
Between the different stages of the auction process, the lag time is as follows:
| Between this stage | And this stage | Lag time is |
|---|---|---|
|
Announcement |
Auction |
1 business day |
|
Bids |
Results |
1 hour |
|
Results |
Settlement |
3 business days |
Tax
There is no capital gains tax in Singapore.
For resident financial institutions (excluding Financial Sector Incentive - Standard Tier companies) and corporations, interest income is taxed at a concessionary rate of 10% for MAS Bills issued up to 31 Dec 2028.
Legislation
Below are the legislation governing the issuance and management of MAS Bills.
Acts
Subsidiary legislation
Notices
Enquiries
If you have any questions or enquiries about this product, please contact us.