Compare Products for Institutions

	SGS Bonds
Available tenor	2, 5, 10, 15, 20, 30 or 50 years
Method of sale	Auction: Uniform price auction - competitive or non-competitive bids Syndication: Placement Tranche - price and yield determined through the book-building process
Frequency of issuance	Auction: Monthly, according to the issuance calendar Syndication: From time to time, according to indicative timeframe as announced by MAS
Central bank participation	Yes, only on a non-competitive basis; intended amount (if any) is announced before each auction
Minimum investment amount	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
Available tenor	6 months or 1 year
Method of sale	Uniform price auction - competitive or non-competitive bids
Frequency of issuance	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
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
Available tenor	4 or 12 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
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.