10-year SGS Bond
NZ16100X
Originally auctioned 27 Jul 2016 · Matures 01 Aug 2036 · 10y 3m left
Latest cutoff yield
1.99%
Auctioned 29 Oct 2025 (reopening) · median 1.89%
Issue details
- Fixed coupon:
- 2.25% · paid 01 Aug / 01 Feb
- Tenor:
- 10 years
- Outstanding:
- S$11.6B
- Auctions held:
- 8 (1 original + 7 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Oct 2025 | reopen | 1.99% | 1.89% | 1.69 | S$2.5B |
| 29 Mar 2022 | reopen | 2.57% | 2.53% | 2.16 | S$800M |
| 28 Apr 2021 | reopen | 1.95% | 1.93% | 2.70 | S$1.7B |
| 27 May 2020 | reopen | 1.20% | 1.03% | 1.46 | S$2.0B |
| 26 Sept 2019 | reopen | 1.88% | 1.85% | 1.83 | S$800M |
| 27 Jun 2018 | reopen | 2.86% | 2.82% | 2.38 | S$1.5B |
| 26 Apr 2017 | reopen | 2.39% | 2.37% | 2.16 | S$800M |
| 27 Jul 2016 | new issue | 2.25% | 2.21% | 1.84 | S$1.5B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.99% cutoff is 41 bp lower than the previous 10-year SGS auction (NX24100T, 2.40% on 28 May 2025).
- Price vs par: The bond cleared at S$103.08 per S$100 face value — a premium, because the 2.25% fixed coupon is above the 1.99% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 7 times since the original auction on 27 Jul 2016. 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.
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.