10-year SGS Bond
NX21100N
Originally auctioned 28 Jun 2021 · Matures 01 Jul 2031 · 5y 2m left
Latest cutoff yield
1.89%
Auctioned 24 Feb 2022 (reopening) · median 1.88%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Jan / 01 Jul
- Tenor:
- 10 years
- Outstanding:
- S$6.3B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 24 Feb 2022 | reopen | 1.89% | 1.88% | 2.30 | S$3.1B |
| 28 Jun 2021 | new issue | 1.63% | 1.60% | 2.21 | S$3.2B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.89% cutoff is 26 bp higher than the prior reopening of this issue (1.63% on 28 Jun 2021).
- Price vs par: The bond cleared at S$98.01 per S$100 face value — a discount, because the 1.63% fixed coupon is below the 1.89% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 28 Jun 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 (1.63% 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.