20-year SGS Bond

NA12100N

Originally auctioned 28 Mar 2012 · Matures 01 Apr 2042 · 15y 11m left

Latest cutoff yield

2.80%

Auctioned 29 Mar 2023 (reopening) · median 2.58%

Issue details

Fixed coupon:: 2.75% · paid 01 Apr / 01 Oct
Tenor:: 20 years
Outstanding:: S$7.3B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
29 Mar 2023	reopen	2.80%	2.58%	1.89	S$800M
27 Aug 2021	reopen	1.86%	1.83%	2.24	S$1.4B
25 Feb 2015	reopen	2.86%	2.80%	1.85	S$1.8B
26 Feb 2013	reopen	2.76%	2.70%	1.71	S$1.2B
28 Mar 2012	new issue	2.84%	2.72%	2.26	S$2.1B

20-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 2.80% cutoff is 94 bp higher than the prior reopening of this issue (1.86% on 27 Aug 2021).
Price vs par: The bond cleared at S$99.28 per S$100 face value — a discount, because the 2.75% fixed coupon is below the 2.80% market yield. The lower price compensates for the smaller coupon.
Issue history: This issue has been reopened 4 times since the original auction on 28 Mar 2012. Reopenings add to the same line — same coupon, same maturity — but reprice at each auction's cutoff yield.

Descriptive observations from MAS auction history — not forecasts or recommendations.

About SGS Bonds

SGS Bonds pay the fixed coupon (2.75% in this issue's case) semi-annually on face value until maturity. The cutoff yield is what the auction priced at — it reflects the market's required return and changes at each reopening. Holding to maturity returns face value; selling earlier in the secondary market exposes you to price fluctuation as rates move.

Learn more

The full SG retail fixed-income landscape — where SGS bonds sit alongside SSB, T-bills, FDs, MMFs, and CPF.
Singapore T-bill auctions explained — same MAS uniform-price auction format applies to SGS bonds.
SSB vs T-bill — the broader retail-bond decision framework, with SGS noted as the long-tenor option.