10-year SGS Bond
NX24100T
Originally auctioned 26 Apr 2024 · Matures 01 May 2034 · 8y left
Latest cutoff yield
2.40%
Auctioned 28 May 2025 (reopening) · median 2.38%
Issue details
- Fixed coupon:
- 3.38% · paid 01 May / 01 Nov
- Tenor:
- 10 years
- Outstanding:
- S$3.8B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 May 2025 | reopen | 2.40% | 2.38% | 2.46 | S$900M |
| 26 Apr 2024 | new issue | 3.46% | 3.44% | 1.99 | S$2.9B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.40% cutoff is 39 bp lower than the previous 10-year SGS auction (NX25100H, 2.79% on 26 Feb 2025).
- Price vs par: The bond cleared at S$108.07 per S$100 face value — a premium, because the 3.38% fixed coupon is above the 2.40% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Apr 2024. 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 (3.38% 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.