30-year SGS Bond SGS (Infra)
NA21200W
Originally auctioned 28 Sept 2021 · Matures 01 Oct 2051 · 25y 5m left
Latest cutoff yield
3.11%
Auctioned 27 Sept 2023 (reopening) · median 3.10%
Issue details
- Fixed coupon:
- 1.88% · paid 01 Oct / 01 Apr
- Tenor:
- 30 years
- Outstanding:
- S$6.0B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Sept 2023 | reopen | 3.11% | 3.10% | 2.20 | S$1.5B |
| 28 Sept 2022 | reopen | 3.28% | 3.24% | 2.05 | S$1.9B |
| 28 Sept 2021 | new issue | 1.95% | 1.89% | 1.58 | S$2.6B |
30-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.11% cutoff is 17 bp lower than the prior reopening of this issue (3.28% on 28 Sept 2022).
- Price vs par: The bond cleared at S$77.03 per S$100 face value — a discount, because the 1.88% fixed coupon is below the 3.11% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 28 Sept 2021. 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 (1.88% 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.