20-year SGS Bond Green SGS (Infra)
NZ26300E
Originally auctioned 22 Jul 2026 · Matures 01 Aug 2046 · 20y left
Latest cutoff yield
2.40%
Auctioned 22 Jul 2026 (original issue)
Issue details
- Fixed coupon:
- 2.38% · paid 01 Aug / 01 Feb
- Tenor:
- 20 years
- Outstanding:
- S$2.6B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 22 Jul 2026 | new issue | 2.40% | — | 1.80 | S$2.6B |
20-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.40% cutoff is 27 bp higher than the previous 20-year SGS auction (NA16100H, 2.13% on 25 Feb 2026).
- Price vs par: The bond cleared at S$99.61 per S$100 face value — a discount, because the 2.38% fixed coupon is below the 2.40% 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 (2.38% 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.
Frequently asked questions
- When does NZ26300E mature?
- NZ26300E matures on 01 Aug 2046. 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 NZ26300E?
- NZ26300E pays a fixed coupon of 2.38% 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 NZ26300E's coupon compare to the current 20-year SGS benchmark yield?
- NZ26300E's fixed coupon of 2.38% is 2 bp above the current 20-year SGS benchmark of 2.35% (as of 12 Aug 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 NZ26300E?
- NZ26300E has already been issued (most recent auction 22 Jul 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 20-year SGS
- ← NA16100H — 2.13% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26090V — 1.52% year 1
- Latest 6-mo T-bill: BS26115N — 1.59% cutoff
- Compare SSB · T-bill · SGS →