20-year SGS Bond
NA16100H
Originally auctioned 25 Feb 2016 · Matures 01 Mar 2046 · 19y 10m left
Latest cutoff yield
2.13%
Auctioned 25 Feb 2026 (reopening) · median 2.07%
Issue details
- Fixed coupon:
- 2.75% · paid 01 Mar / 01 Sep
- Tenor:
- 20 years
- Outstanding:
- S$10.5B
- Auctions held:
- 7 (1 original + 6 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 25 Feb 2026 | reopen | 2.13% | 2.07% | 1.85 | S$1.0B |
| 27 Feb 2024 | reopen | 3.08% | 3.02% | 2.13 | S$2.1B |
| 26 Feb 2019 | reopen | 2.60% | 2.56% | 1.99 | S$1.6B |
| 26 Feb 2018 | reopen | 2.94% | 2.90% | 2.21 | S$1.7B |
| 29 May 2017 | reopen | 2.55% | 2.48% | 1.57 | S$1.5B |
| 27 Oct 2016 | reopen | 2.29% | 2.27% | 1.98 | S$600M |
| 25 Feb 2016 | new issue | 2.87% | 2.77% | 1.57 | S$2.0B |
20-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.13% cutoff is 95 bp lower than the prior reopening of this issue (3.08% on 27 Feb 2024).
- Price vs par: The bond cleared at S$110.06 per S$100 face value — a premium, because the 2.75% fixed coupon is above the 2.13% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 6 times since the original auction on 25 Feb 2016. 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.