Singapore Government Securities (SGS) are debt securities issued by the Government of Singapore. The family covers SGS bonds, which pay a fixed coupon over 2 to 50 years, Treasury Bills, which are short-dated and issued at a discount, and Singapore Savings Bonds, which are designed for individual investors.
Key takeaways
- SGS bonds are issued in tenors of 2, 5, 10, 15, 20, 30 or 50 years and pay a fixed coupon every 6 months.
- The minimum investment in an SGS bond is SGD 1,000, in multiples of SGD 1,000.
- SGS bonds are sold through monthly uniform price auctions and, from time to time, through syndication.
- Individuals aged 18 and above, including foreigners, can apply using cash, SRS funds or CPF Investment Scheme funds.
- There is no early redemption of an SGS bond, but it can be sold in the secondary market at a price that may be above or below the price paid.
The three types of SGS bond
- SGS (Market Development) — issued under the Government Securities (Debt Market and Investment) Act 1992 to develop the domestic debt market
- SGS (Infrastructure) — issued under the Significant Infrastructure Government Loan Act 2021 (SINGA) to finance major, long-term infrastructure
- Green SGS (Infrastructure) — also issued under SINGA, to finance major, long-term green infrastructure projects
How coupons and maturity work
An SGS bond pays a fixed semi-annual coupon starting from the month of issue, credited on the first business day of the month. At maturity the investor receives the face value, quoted as a price of SGD 100. The coupon rate for a newly issued bond is the auction cut-off yield rounded down to the nearest 0.125%, with a floor of 0.125%.
How the family fits together
Treasury Bills are short-term SGS with tenors of 6 months or 1 year, issued at a discount rather than paying a coupon. Singapore Savings Bonds are a special type of SGS for individuals, with a term of up to 10 years, step-up interest and monthly redemption. SGS bonds cover the long end of the curve and are the only part of the family that trades on the SGX.
Credit standing and tax
SGS are fully backed by the Singapore Government, which holds an AAA sovereign credit rating. For individuals, interest income earned on SGS is exempt from tax, and Singapore has no capital gains tax. Non-residents without a permanent establishment in Singapore do not pay tax on the interest income either.
Key Singapore Government Securities figures
| Item | Figure |
|---|---|
| SGS bond tenors | 2, 5, 10, 15, 20, 30 or 50 years |
| Minimum investment (SGS bonds and T-bills) | SGD 1,000, in multiples of SGD 1,000 |
| SGS bond coupon payments | Every 6 months, from the month of issue |
| Sovereign credit rating | AAA |
| SGS bond auction frequency | Monthly, per the MAS issuance calendar |
Figures as at 2026. Source: MAS.
Worked example
The 5-year SGS bond NX21100N carries a coupon of 1.625% and was allotted at its 2026 reopening at a cut-off yield of 1.75% p.a. On a face value of SGD 10,000, the coupon pays SGD 81.25 every six months, with SGD 10,000 returned at maturity on 1 July 2031.
Related terms
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Check the latest Singapore Government Securities auction results, including cut-off yields by tenor.
This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to the Monetary Authority of Singapore (MAS) and seek independent professional advice before making any financial decisions.