Primary dealers of government bonds are chosen by the Central Bank of Republic of China (Taiwan) (“Central Bank” or “CBC”) to act as market makers. Primary dealers are obligated to give quotes on all benchmark bonds under any market situation to help maintain market liquidity. There are currently 14 primary dealers, including 5 banks, 3 bills finance companies and 6 securities firms.
Only government bond dealers are allowed to submit bids at the government bond auctions. However, investors can participate in auction by submitting bids through any one of the government bond dealers. The list of government bond dealers and contact information are available on CBC website under the “Government Securities Services” (
The Central Bank issues government bonds on behalf of the Ministry of Finance. Currently government bonds are sold at auctions, using the single rate method. Minimum bid is 50 million NT dollars and the increment thereafter is 10 million NT dollars. All bids are placed in percentage yield.
Government bonds are issued regularly starting July 1, 2002. Currently NT$20 - 30 billions of bonds are issued each time. The Ministry of Finance will announce on its website ( at the end of each year its next year's bond issuance plan, and at the end of each quarter the issue date and amount for the following quarter. Aside from the regular issuance system, the Ministry of Finance also implements the bond reopening system starting April 15, 2003.
Government bond auction results, including historical auction data are published on CBC website ( under Government Securities Services > Government Securities Auction Results.
To participate in Taiwan’s government bond market, investors need to open a book-entry and fund account with one of the approved clearing banks and open a trading account with one of the bond dealers. Investors can trade government bonds with bond dealers or submit government bond auction bid through them. The list of government bond clearing banks is available at CBC website (