The Monetary Authority of Singapore (MAS) has published its Singapore government securities (SGS) auction calendar for 2025 on Nov 15, featuring 10 auctions with no planned supply from syndication in 2025.
This is in comparison to the nine auctions in 2024 and one syndication each year in 2022 to 2024.
As with 2024, there are up to three optional mini auctions subject to market conditions in February, May and October. Only one out of three mini auctions were issued this year.
With regards to the duration profile of overall SGS issuances, Maybank Securities analyst Winson Phoon notes that there is little change.
For short to mid tenors of two to five years, there are five auctions in total, which is the same as 2024. This consists of two two-year SGS and three five-year SGS.
For the long duration sector of 10 to 50 years, there are five issuances in total, which is the same as 2024, except for a shift in tenor for one auction from a 20-year SGS to a 10-year SGS in 2025.
In 2025, there are two 10-year SGS, one 15-year SGS, one 30-year SGS and one 50-year SGS.
In comparison, in 2024, there were one 10-year, 15-year, 20-year and 30-year (syndication) and 50-year SGS.
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MAS notes that the outstanding SGS is expected to grow at a slightly faster pace than in 2024, after four consecutive years of deceleration in 2020 to 2024.
Phoon forecasts a 4.5% growth in 2025, faster than the 3% in 2024, but remaining below the three-year average of 5% in 2022 to 2024, raising the total outstanding SGS to $180.4 billion.
This reflects a net supply of $7.8 billion in 2025 and gross supply of $27.9 billion.
Phoon notes that as the Singapore government does not require SGS issuances to fund budget deficit, the issuance amount can be adjusted depending on market conditions.
Phoon expects no major impact on the SGS curve given a similar duration profile and a measured rise in net supply which can be “trimmed down” if necessary.
The first auction is a short-tenor two-year SGS and there will be no long duration supply until late-February for the 10-year SGS, for which Phoon estimates a slightly larger than usual size of $3.1 billion.
