10-year SGS Bond
NZ13100V
Originally auctioned 28 Aug 2013 · Matures 01 Sept 2033 · 7y 4m left
Latest cutoff yield
3.05%
Auctioned 27 Jun 2023 (reopening) · median 2.97%
Issue details
- Fixed coupon:
- 3.38% · paid 01 Mar / 01 Sep
- Tenor:
- 10 years
- Outstanding:
- S$9.5B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jun 2023 | reopen | 3.05% | 2.97% | 1.75 | S$2.7B |
| 29 May 2019 | reopen | 2.33% | 2.29% | 1.84 | S$900M |
| 26 Sept 2018 | reopen | 2.80% | 2.78% | 2.25 | S$1.5B |
| 29 Aug 2017 | reopen | 2.40% | 2.36% | 2.19 | S$1.3B |
| 28 Apr 2014 | reopen | 3.04% | 3.00% | 2.25 | S$1.4B |
| 28 Aug 2013 | new issue | 3.40% | 3.25% | 1.49 | S$1.7B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.05% cutoff is 19 bp higher than the previous 10-year SGS auction (NX22100W, 2.86% on 27 Jan 2023).
- Price vs par: The bond cleared at S$103.96 per S$100 face value — a premium, because the 3.38% fixed coupon is above the 3.05% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 5 times since the original auction on 28 Aug 2013. 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.