SGS Mini Auctions

MAS introduced “mini-auctions” of SGS bonds in 2015 as a regular feature in the issuance calendar to address unexpected instances of strong demand for bonds outside the issuance calendar. Mini-auctions are re-openings of SGS bonds with a maximum size of S$1 billion. Unlike normal auctions, should MAS decide to conduct a mini-auction, it will announce the bond to be re-opened one month before its issuance date*. The possible dates of mini-auctions will be published in the issuance calendar.

Bonds scheduled in the issuance calendar will not be re-opened via mini-auction until at least six months after they were first issued in the year. In line with the current practice, the issuance size will be announced five business days before the mini-auction date- see Figure 1. Mini-auctions will follow the same procedures as regular SGS auctions.

*Note: If MAS decides not to conduct a mini-auction, it will also make the announcement on the same day, i.e. one month before what would otherwise have been the issuance date.