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Bonds
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Treasury Bills
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Auction Format |
Uniform pricing-Successful competitive bids and non-competitive bids will be allotted at a uniform yield, which is the highest accepted yield (also referred to as cut-off yield) of successful competitive bids submitted at the auction.
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Bids |
In yield terms
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Admission |
All entities or individuals; non-residents are admitted
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Central bank participation |
Yes, but only on a non-competitive basis for up to 20% of each issue on offer; MAS' intended amount is pre-announced to the market prior to each auction
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Competitive bids |
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Maximum number of bids |
Unconstrained
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Maximum allotment * |
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- Primary dealer |
30% of issue on offer per applicant
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- Non-primary dealer |
15% of issue on offer per applicant
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Minimum amount |
S$1, 000 per application
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Non-competitive bids |
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Status |
Total non-competitive allotment is subject to a limit of 40% of issue on offer, with pro-rated allocation if application exceeds this limit
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Maximum allotment |
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- Primary dealer |
1% of issue on offer per applicant
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- Non-primary dealer |
S$2 million per application for bonds;S$1 million per application for Treasury bills
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Minimum amount |
S$1,000 per application
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Auction Process |
For both bonds and Treasury bills, non-competitive bids will be allotted first. The balance of the issue amount will be subsequently awarded to competitive tenders from the lowest to highest yields
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Auction results |
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Lag between: |
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1. announcement and auction |
About five business days for bonds;About three business days for Treasury bills
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2. bids and results |
About 1 hour
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3. results and settlement |
About three business days
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Published information |
Average and cut-off prices; percentage of applications at cut-off allotted, total amount of securities applied for and allotted. |
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Other information |
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Accounting |
Book-entry
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Primary Dealers |
12
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Underwriters |
Yes; Each Primary Dealer is obligated to tender for an equal share of the issue on offer
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Post-auction subscription |
No
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Frequency of auctions |
Weekly for 3-month Treasury bills; twice a year for 1-year Treasury bills;
Annually or semi-annually for bonds according to a published issuance calendar that is consistent and transparent
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Cut-off Time |
All bids need to be submitted by noon on the auction day.
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Minimum denomination |
S$1,000
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When-issued trading |
Yes
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