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You may purchase SGS at primary auctions or in the secondary market.
i) At a Primary Auction
After the auction announcement, the most convenient way for most individual investors to submit bids for SGS is through the DBS, POSB, UOB and OCBC ATMs. Similar to an IPO application, you will need a valid individual CDP account number. Joint CDP accounts cannot be used to bid at primary auction. In the event of an invalid submission, a refund will be made to your bank account after the auction.
For the fortnightly 6-month T-bill auctions, the application window at the ATM is typically open between Wednesdays 6pm to Fridays 9pm. Individual investors should check with their banks on the exact closing date for SGS application through these channels.
For new issues, your bank account will be debited for the full bid amount at the point of application.
For reopened bonds, the amount debited will be 115% of the bid amount to take into account capital gains and accrued interest, since the market price of the reopened bond is only known after the auction. If the purchase price of the reopened bond is lower (or higher) than 115% of the bid amount, the difference would be credited (or debited) into/from the individual investor's bank account.
After an auction, successful bidders will receive a statement notification from CDP, typically the next business day after the issuance date.
ii) In the Secondary Market
From 8 July 2011, investors can trade SGS bonds in the secondary market on the Singapore Exchange (SGX). As SGS are custodised with CDP, you may buy SGS bonds through your stockbroker, using the same individual CDP and securities trading account that you have for trading stocks on SGX. Trading SGS bonds on SGX would incur transaction and brokerage costs. For more information, you may refer to
http://www.sgx.com/fixedincome/sgs.
If you wish to buy or sell T-bills in the secondary market, you can approach the branches of any of the SGS dealer banks (typically DBS, OCBC and UOB) to buy/sell your holdings at the most competitive market price available.
