MAS' Asian Bond Grant Scheme

On 9 January 2017, the Monetary Authority of Singapore launched the Asian Bond Grant Scheme (the "Scheme") to further develop Singapore’s bond market. The Scheme aims to co-fund eligible expenses attributable to the issuance of Asian bonds in Singapore (including arranger’s, legal, auditors’, credit rating and listing fees). The co-funding would only apply once for each qualifying issuer. The Scheme is valid between 1 January 2017 and 31 December 2019.

Scheme criteria:


First time Asian companies and non-bank financial institutions with global
headquarters in an Asian country including ASEAN, China, India, South Korea,
Japan, Australia and New Zealand (together, the "Qualifying Jurisdictions")


All local currencies in the Qualifying Jurisdictions and the G-3 currencies


  • the bonds are Qualifying Debt Securities (i.e. meet the "substantially arranged in Singapore" conditions) in accordance with the Income Tax (Qualifying Debt Securities) Regulations;
  • the issue size is at least SGD 200 million (or its equivalent in another currency);
  • the bonds have a non-redeemable tenor of at least 3 years;
  • the bonds are listed on the Singapore Exchange;
  • more than half of the gross revenue from arranging the issue is attributable to Financial Sector Incentive companies in Singapore; and
  • the bonds are rated by any of S&P, Moody’s and Fitch for any SGD denominated issue


50% of the total eligible expenses, capped at:

  • SGD 400,000 where the qualifying issuance is rated by any of S&P, Moody’s and Fitch; and
  • SGD 200,000 where the qualifying issuance is not rated