As the Singapore Government does not need to finance its expenditures through the issuance of government bonds, SGS issuance is aimed primarily at developing Singapore's capital markets.
Since May 2000, MAS has embarked on a focused issuance programme aimed at building large and liquid benchmark bonds. This is achieved through larger issuance of new SGS bonds and re-openings of existing issues, thereby enlarging the free float. Occasionally, bond purchase operations are planned in conjunction with the issuance of new SGS bonds, to help re-channel liquidity from off-the-run issues into the benchmark bonds.
MAS issues T-bills and bonds on a regular basis. 3-month T-bills are issued weekly, whilst 1-year T-bills, 2-, 5-, 7-, 10-, 15- and 20-year bonds are issued according to an annual issuance calendar, which is usually pre-announced in September for the following year.
The issuance size of each T-bill and bond auction is typically announced five business days ahead of the scheduled auction date. Auction announcements are made via MAS' website and major local newspapers. More details on SGS auctions can be found here.
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