Singapore Government Securities (SGS) are debt securities issued by the Singapore Government, fully backed by it and issued and managed by MAS. “SGS bonds” are the long-dated ones: they run 2 to 50 years and pay a fixed coupon every 6 months. At MAS’s close on 11 Sep 2026 the 10-year bond yielded 2.46%.
Key takeaways
- MAS groups SGS into four types: T-bills, SGS bonds, Singapore Savings Bonds and Cash Management Treasury Bills. Savings Bonds are non-marketable and available only to retail investors.
- SGS bonds mature in 2, 5, 10, 15, 20, 30, 50 years and pay a fixed coupon every 6 months, with the face value repaid at maturity. They cannot be redeemed early, but can be sold before maturity on SGX or at DBS, OCBC or UOB — at a price that may be higher or lower than the purchase price.
- Auctions are uniform-price: every successful bid receives the cut-off yield, the highest yield accepted. Non-competitive bids, which state only an amount, are allotted first, up to 40% of the issue, and a new bond’s coupon is the cut-off yield rounded down to the nearest 0.125%.
- Individuals aged 18 and above, including foreigners, can buy from SGD 1,000 in multiples of SGD 1,000. At auction, cash, SRS or CPF Investment Scheme savings can be used; syndicated public offers take cash only.
- Under the Qualifying Debt Securities scheme, SGS interest is tax-exempt for individuals, except where it is derived through a partnership in Singapore or from carrying on a trade, business or profession.
Three ways the Government borrows from individuals
SGS bonds, T-bills and Savings Bonds are all Singapore Government Securities; what separates them is how long they run, how they pay, and whether they can be sold.
MAS lists three categories of SGS bonds. SGS (Market Development) is issued under the Government Securities (Debt Market and Investment) Act 1992 to develop the domestic debt market; SGS (Infrastructure) and Green SGS (Infrastructure) are both issued under the Significant Infrastructure Government Loan Act 2021 to finance major, long-term infrastructure.
Every benchmark bond at MAS’s close on 11 Sep 2026
A price below 100 means the bond trades below its face value because its fixed coupon is lower than the yield the market asks for today; above 100, the reverse. MAS’s closing prices exclude accrued interest, and prices on SGX include it.
| Tenor | Yield | Coupon | Price | Matures |
|---|---|---|---|---|
| 2-year | 1.78% | 2.875% | 102.03 | 1 Aug 2028 |
| 5-year | 2.11% | 1.625% | 97.81 | 1 Jul 2031 |
| 10-year | 2.46% | 2.25% | 98.20 | 1 Aug 2036 |
| 15-year | 2.50% | 2.25% | 97.12 | 1 Jul 2040 |
| 20-year | 2.43% | 2.375% | 99.09 | 1 Aug 2046 |
| 30-year | 2.48% | 3.25% | 115.34 | 1 Jun 2054 |
| 50-year | 2.64% | 3.00% | 109.68 | 1 Aug 2072 |
SGD 10,000 of the 10-year bond
The coupon is fixed on the bond, so each payment is SGD 10,000 × 2.25% ÷ 2. At the 11 Sep 2026 closing price of 98.20, the same face value was quoted at about SGD 9,820 before accrued interest and trading costs.
How SGS bonds behave once bought
Five things people get wrong
- MAS — SGS Bonds: Information for Individuals — tenors, coupons, who can buy and the three categories
- MAS — How SGS Auctions Are Conducted — uniform-price auctions, bid types and allotment limits
- MAS — Buy SGS Bonds and T-bills at Auction: For Individuals — the minimum, the banks and CDP account, and SRS and CPFIS funds
- MAS — Compare Products for Individuals — SGS bonds against T-bills and Savings Bonds
- MAS — Buy and Sell SGS Bonds and T-bills on the Secondary Market — selling before maturity and clean versus dirty prices
- MAS — Tax for SGS and MAS-issued Securities — the Qualifying Debt Securities exemption
- MoneySense — Understanding bonds — why bond prices move against interest rates
- CPF Board — Closure of Special Account for members aged 55 and above — why CPFIS-SA is limited to members below 55
Official MAS rules and MAS closing yields, for general information only. Not financial advice.
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), MoneySense and the CPF Board and seek independent professional advice before making any financial decisions.