10-year SGS Bond
NX22100W
Originally auctioned 27 Jul 2022 · Matures 01 Aug 2032 · 6y 3m left
Latest cutoff yield
2.86%
Auctioned 27 Jan 2023 (reopening) · median 2.81%
Issue details
- Fixed coupon:
- 2.63% · paid 01 Feb / 01 Aug
- 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 |
|---|---|---|---|---|---|
| 27 Jan 2023 | reopen | 2.86% | 2.81% | 1.70 | S$3.4B |
| 27 Jul 2022 | new issue | 2.71% | 2.68% | 2.10 | S$2.9B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.86% cutoff is 15 bp higher than the prior reopening of this issue (2.71% on 27 Jul 2022).
- Price vs par: The bond cleared at S$98.06 per S$100 face value — a discount, because the 2.63% fixed coupon is below the 2.86% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 27 Jul 2022. 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 (2.63% 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.