Extension of Global-Asia Bond Grant Scheme and Launch of Global-Asia Digital Bond Grant Scheme

20 January 2025

On 15 January 2025, the Monetary Authority of Singapore (“MAS“) announced the extension of the Global-Asia Bond Grant Scheme (“G-ABGS“) and the launch of the Global-Asia Digital Bond Grant Scheme (“G-ADBGS“).

The G-ADBGS aims to catalyse the issuance and broader market adoption of digital bonds in Singapore. Funding under the scheme will be provided for up to two qualifying digital bond issuances.

Both schemes will be valid till 31 December 2029. Interested parties can write to fsdf@mas.gov.sg for more information. Applicants should submit their applications no later than three months after the issue date.

Details of G-ABGS

Category	Details
*Qualifying issuer*	First-time companies and non-bank financial institutions with an Asian nexus
*Qualifying issuance*	Declares itself to be a Qualifying Debt Security Issued and listed in Singapore Substantially arranged by licensed entities in Singapore Minimum issuance size of $200 million or a bond programme size of at least $200 million with an initial issuance of at least $20 million for Sustainable Bond Grant Scheme applicants Minimum tenure of one year Denominated in Asian local or G3 currencies For SGD-denominated bond issuance, rated by a credit rating agency regulated by MAS
*Eligible expenses*	Arranger fees Audit fees Credit rating fees Legal fees Listing agent fees Listing fees
*Per-issuance cap*	Eligible expenses are funded at a level of 30%, subject to a cap of S$400,000 if the issuance is rated, or S$200,000 if the issuance is unrated

Details of G-ADBGS

Category	Details
*Qualifying issuer*	Companies and non-bank financial institutions with an Asian nexus
*Qualifying issuance*	Declares itself to be a Qualifying Debt Security Issued on a designated digital asset platform in Singapore Listed on the Singapore Exchange (SGX) or a designated digital asset platform Substantially arranged by licensed entities in Singapore Aligned with internationally-recognised digital bond standards Minimum issuance size of S$100 million. Where the issuance size is at least S$200 million, the bond must be digitally native. Where the tenure is at least one year, the issue must be joint-led by at least two specified licensed entities in Singapore. Denominated in Asian local or G3 currencies
*Eligible expenses*	Arranger fees Audit fees Credit rating fees Legal fees Listing agent fees Listing fees Platform fees
*Per-issuance cap*	Eligible expenses are funded at a level of 30%, capped at: S$450,000 where the initial principal amount issued is S$200 million (or its equivalent in another currency), or S$250,000 where the initial principal amount issued is S$100 million (or its equivalent in another currency).

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