Sustainable Bond Grant Scheme (SBGS)

Sustainable Bond Grant Scheme (SBGS)

Provides cost reimbursement in Singapore for external review work tied to sustainable bond issuance.

The Sustainable Bond Grant Scheme (SBGS) is administered by the Monetary Authority of Singapore (MAS) under the Financial Sector Development Fund (FSDF) and is valid until 31 December 2028. The scheme reimburses up to 100% of eligible external review and rating costs incurred in connection with the issuance of green, social, sustainability, sustainability-linked, or transition bonds that are issued and listed in Singapore and meet internationally recognised principles. The purpose is to reduce the incremental cost associated with obtaining independent verification of sustainable bond credentials, thereby deepening Singapore's sustainable fixed income market.

The per-issuance reimbursement cap is SGD 125,000 for issuers that comply with international disclosure standards — TCFD, ISSB frameworks, or ESRS — and SGD 100,000 for those that do not. Qualifying bonds must have a minimum issue size of SGD 200 million (or form part of a programme of SGD 200 million with an initial tranche of at least SGD 20 million), a minimum tenure of one year, and must be listed on SGX's Sustainable Fixed Income Initiative as a Qualifying Debt Security. Both pre-issuance and post-issuance external reviews must be performed by Singapore-based external reviewers, and sustainability advisory work must be at least partially conducted in Singapore. Up to two qualifying bond instruments per issuer are eligible over the scheme's lifetime.

Issuers apply by emailing fsdf@mas.gov.sg within three months of the issue date. Both onshore and offshore companies and financial institutions are eligible to apply. Applicants seeking the higher SGD 125,000 cap should confirm which international disclosure standard they will comply with at the point of application and retain documentation of external reviewer engagement letters and review reports for submission.