15-year SGS Bond SGS (Infra)
NY25200N
Originally auctioned 26 Jun 2025 · Matures 01 Jul 2040 · 14y 2m left
Latest cutoff yield
2.35%
Auctioned 26 Jun 2025 (original issue) · median 2.29%
Issue details
- Fixed coupon:
- 2.25% · paid 01 Jul / 01 Jan
- Tenor:
- 15 years
- Outstanding:
- S$1.6B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 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 2.35% cutoff is 67 bp lower than the previous 15-year SGS auction (NZ19100S, 3.02% on 29 Jul 2024).
- Price vs par: The bond cleared at S$98.74 per S$100 face value — a discount, because the 2.25% fixed coupon is below the 2.35% market yield. The lower price compensates for the smaller coupon.
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.
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.