15-year SGS Bond SGS (Infra)
NY25200N
Originally auctioned 26 Jun 2025 · Matures 01 Jul 2040 · 13y 8m left
Latest cutoff yield
2.65%
Auctioned 28 Sep 2026 (reopening) · median 2.59%
Issue details
- Fixed coupon:
- 2.25% · paid 01 Jul / 01 Jan
- Tenor:
- 15 years
- Outstanding:
- S$2.9B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Sep 2026 | reopen | 2.65% | 2.59% | 1.60 | S$1.3B |
| 26 Jun 2025 | new issue | 2.35% | 2.29% | 1.82 | S$1.6B |
15-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.65% cutoff is 30 bp higher than the prior reopening of this issue (2.35% on 26 Jun 2025).
- Price vs par: The bond cleared at S$95.98 per S$100 face value — a discount, because the 2.25% fixed coupon is below the 2.65% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Jun 2025. 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 (2.25% 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.
Frequently asked questions
- When does NY25200N mature?
- NY25200N matures on 01 Jul 2040. At maturity, holders receive the full face value of S$1,000 per bond, plus the final semi-annual coupon.
- What is the coupon rate for NY25200N?
- NY25200N pays a fixed coupon of 2.25% per year, paid semi-annually. The coupon rate is set at the original auction and does not change for reopenings — reopening auctions adjust the issue price instead to reflect prevailing yields.
- How does NY25200N's coupon compare to the current 15-year SGS benchmark yield?
- NY25200N's fixed coupon of 2.25% is 14 bp below the current 15-year SGS benchmark of 2.39% (as of 15 Oct 2026). When the benchmark yield rises above an existing bond's coupon, that bond trades below par on the secondary market; when it falls below the coupon, the bond trades above par.
- How is SGS interest taxed for individuals?
- SGS bonds are Qualifying Debt Securities (QDS) under IRAS. Interest income from SGS held by individuals is tax-exempt in Singapore. See iras.gov.sg for the full QDS scheme conditions.
- Where can I buy NY25200N?
- NY25200N has already been issued (most recent auction 28 Sep 2026). It can be bought or sold on the SGX secondary market through a stockbroker with CDP access. New SGS bonds are issued via MAS primary auctions — see /sgs/ for the current calendar.
Explore more
Other 15-year SGS
- ← NZ19100S — 3.02% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26110X — 1.67% year 1
- Latest 6-mo T-bill: BS26120W — 1.90% cutoff
- Compare SSB · T-bill · SGS →