2024 Singapore Government Securities (SGS) Issuance Calendar

The Monetary Authority of Singapore (MAS) has published its new tentative bond issuance schedule for 2024 as illustrated below:
#### Planned Bond Issuances

#### Planned SGS Bonds – Mini-auctions

In an accompanying statement MAS notes that its projections for 2024 indicate a similar growth for outstanding SGS bonds as in the previous issuance year (4%) with anticipated persistent market volatility due to ongoing global economic uncertainties. MAS aims to carefully manage its SGS bond issuances, aligning with market demand to ensure an efficient and liquid secondary market.
Furthermore, MAS plans to introduce a new 30-year Green SGS (Infrastructure) bond around mid-2024 subject to market conditions. Details about this issuance will be provided in due course.
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To promote stability of the SGS market, particularly in times of market turbulences, MAS intends to implement two enhancements to SGS bond auctions in 2024:
– Bond auctions will occur within four business days after their announcements to mitigate the risk of significant market changes between the announcement and auction dates. T-bills auctions, however, will continue to take place within five business days post-announcement.
– The number of mini-auctions will increase to three, up from two in 2023. This adjustment provides MAS with increased flexibility to issue bonds outside the regular auction schedule; the essential features of mini-auctions will remain the same.