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Singapore Government Securities

Fixed-coupon Singapore government bonds auctioned by MAS across 2-year to 50-year tenors, tradable on the secondary market. Unlike SSBs and T-bills, SGS bond prices move with interest rates. Holding to maturity returns face value plus coupons; selling early exposes you to market-price risk.

Data checked 02 Oct 2026,

Daily benchmark yields (6m–30y) → Highest and lowest SGS yields ever →

2-year SGS

1.84% cutoff

Coupon
3.00%
Auctioned
29 Jul 2026
Matures
Apr 2029 · 2y 6m
N524100X Reopen

10-year SGS

2.30% cutoff

Coupon
2.25%
Auctioned
27 Aug 2026
Matures
Aug 2036 · 9y 10m
NZ16100X Reopen

15-year SGS

2.65% cutoff

Coupon
2.25%
Auctioned
28 Sep 2026
Matures
Jul 2040 · 13y 9m
NY25200N Reopen

Duration & market-price risk

When interest rates rise, existing SGS bond prices fall (and vice versa). A 10-year bond bought at 3% can trade below par if yields move to 4%. The longer the tenor, the bigger the swing. The cutoff yield shown above is the yield-to-maturity at auction; the coupon rate is what's paid semi-annually on face value, fixed for the life of the bond.

SGS cutoff-yield history (2y · 5y · 10y · 20y)
  • 2-year
  • 5-year
  • 10-year
  • 20-year
SGS cutoff-yield history (2y · 5y · 10y · 20y) — most recent 12 months of 237 data points. The full series is in the CSV export under /api/.
Date 2-year5-year10-year20-year
2025-08-27 1.53
2025-10-29 1.541.99
2026-01-28 1.61
2026-02-25 1.42.13
2026-04-28 2.09
2026-05-26 1.6
2026-06-26 1.75
2026-07-22 2.4
2026-07-29 1.84
2026-08-27 2.3

Chart shows 4 representative tenors. 7y / 15y / 30y / 50y auction less frequently and are omitted here for readability; their history is included in the auction table below.

Current SGS yield curve
1.61% 1.91% 2.20% 2.49% 2.78% 1.84% 2y 1.75% 5y 2.30% 10y 2.65% 15y 2.40% 20y 2.57% 30y 2.16% 50y 2025 2-year SGS N524100X · reopen Auction Jul 2026 Cutoff 1.84% · Coupon 3.00% 2y 6m to maturity 5-year SGS NX21100N · reopen Auction Jun 2026 Cutoff 1.75% · Coupon 1.63% 4y 9m to maturity 10-year SGS NZ16100X · reopen Auction Aug 2026 Cutoff 2.30% · Coupon 2.25% 9y 10m to maturity 15-year SGS NY25200N · reopen Auction Sep 2026 Cutoff 2.65% · Coupon 2.25% 13y 9m to maturity 20-year SGS NZ26300E Auction Jul 2026 Cutoff 2.40% · Coupon 2.38% 19y 10m to maturity 30-year SGS NA24300E · reopen Auction Mar 2026 Cutoff 2.57% · Coupon 3.25% 27y 8m to maturity 50-year SGS NC22300W · reopen Auction Sep 2025 Cutoff 2.16% · Coupon 3.00% 45y 10m to maturity Years to maturity
Current SGS yield curve
Slot Years to maturity Cutoff yield Issue Auction Coupon
2y 2.7 1.84% N524100X Jul 2026 3.00%
5y 5.0 1.75% NX21100N Jun 2026 1.63%
10y 9.9 2.30% NZ16100X Aug 2026 2.25%
15y 13.8 2.65% NY25200N Sep 2026 2.25%
20y 20.0 2.40% NZ26300E Jul 2026 2.38%
30y 28.2 2.57% NA24300E Mar 2026 3.25%
50y 46.8 2.16% NC22300W Sep 2025 3.00%

Each point uses that tenor-slot's most recent auction, but is plotted at the bond's effective remaining years to maturity — so a 30-year slot whose last auction was a reopening with 28 years left sits at x≈28, not x=30. That's the yield the market actually priced. Sublabels show both the original slot and the remaining term.

A tenor whose most recent bond has already matured is left out, since a matured bond has no current yield. That is why there is no 7-year point: MAS last auctioned a 7-year in October 2019 and that bond matured in June 2026, so the curve runs straight from 5 to 10 years.

Auction history

Tap an issue code for full detail (coupon, bid-to-cover, allotment).

Auction Tenor Issue Cutoff
28 Sep 2026 15y NY25200N reopen 2.65%
27 Aug 2026 10y NZ16100X reopen 2.30%
29 Jul 2026 2y N524100X reopen 1.84%
22 Jul 2026 20y NZ26300E 2.40%
26 Jun 2026 5y NX21100N reopen 1.75%
26 May 2026 2y N523100W reopen 1.60%
28 Apr 2026 10y NX25100H reopen 2.09%
27 Mar 2026 30y NA24300E reopen 2.57%
25 Feb 2026 20y NA16100H reopen 2.13%
25 Feb 2026 2y NX18100A reopen 1.40%
28 Jan 2026 5y N525100T reopen 1.61%
29 Oct 2025 5y N525100T reopen 1.54%
29 Oct 2025 10y NZ16100X reopen 1.99%
26 Sep 2025 50y NC22300W reopen 2.16%
27 Aug 2025 5y NZ10100F reopen 1.53%
29 Jul 2025 2y N522100N reopen 1.67%
26 Jun 2025 15y NY25200N 2.35%
28 May 2025 10y NX24100T reopen 2.40%
28 May 2025 5y N524100X reopen 2.05%
28 Apr 2025 30y NA24300E reopen 2.62%
26 Mar 2025 5y N525100T 2.61%
26 Feb 2025 10y NX25100H 2.79%
27 Jan 2025 2y NZ07100S reopen 2.82%
26 Sep 2024 50y NC22300W reopen 2.62%
28 Aug 2024 5y NY14100E reopen 2.56%
29 Jul 2024 15y NZ19100S reopen 3.02%
26 Jun 2024 5y N523100W reopen 3.22%
29 May 2024 2y N521100V reopen 3.46%
21 May 2024 30y NA24300E 3.30%
26 Apr 2024 10y NX24100T 3.46%
Show all 327 auctions (297 earlier)
AuctionTenorIssueCoupon CutoffB/CAllotment
26 Mar 2024 5y N524100X 3.06%
27 Feb 2024 5y N522100N reopen 3.09%
27 Feb 2024 20y NA16100H reopen 3.08%
29 Jan 2024 2y NX16100F reopen 3.04%
27 Sep 2023 30y NA21200W reopen 3.11%
29 Aug 2023 2y N520100A reopen 3.56%
24 Aug 2023 50y NC22300W reopen 3.04%
27 Jul 2023 5y N523100W 2.96%
27 Jun 2023 10y NZ13100V reopen 3.05%
29 May 2023 5y N521100V reopen 3.19%
26 Apr 2023 5y NX18100A reopen 2.77%
29 Mar 2023 15y NZ19100S reopen 2.80%
29 Mar 2023 20y NA12100N reopen 2.80%
24 Feb 2023 2y NX15100Z reopen 3.66%
27 Jan 2023 10y NX22100W reopen 2.86%
28 Sep 2022 30y NA21200W reopen 3.28%
29 Aug 2022 5y N522100N 2.92%
04 Aug 2022 50y NC22300W 3.04%
27 Jul 2022 10y NX22100W 2.71%
28 Jun 2022 2y NY09100H reopen 2.70%
27 May 2022 5y NX15100Z reopen 2.33%
27 Apr 2022 2y N519100A reopen 2.00%
29 Mar 2022 15y NZ16100X reopen 2.57%
29 Mar 2022 5y NZ07100S reopen 2.32%
24 Feb 2022 10y NX21100N reopen 1.89%
27 Jan 2022 5y N521100V reopen 1.62%
27 Oct 2021 5y N521100V 1.37%
28 Sep 2021 2y N519100A reopen 0.58%
28 Sep 2021 30y NA21200W 1.95%
27 Aug 2021 20y NA12100N reopen 1.86%
28 Jul 2021 5y N520100A reopen 0.69%
28 Jun 2021 10y NX21100N 1.63%
27 May 2021 5y NX16100F reopen 0.89%
27 May 2021 2y N519100A reopen 0.46%
28 Apr 2021 15y NZ16100X reopen 1.95%
29 Mar 2021 10y NZ10100F reopen 1.71%
24 Feb 2021 2y N518100E reopen 0.41%
27 Jan 2021 30y NA20100F reopen 1.40%
28 Oct 2020 5y N520100A 0.51%
28 Sep 2020 20y NZ19100S reopen 1.27%
27 Aug 2020 2y NY07100X reopen 0.32%
27 Aug 2020 30y NA20100F reopen 1.15%
28 Jul 2020 10y NZ10100F reopen 0.93%
26 Jun 2020 5y NX15100Z reopen 0.58%
26 Jun 2020 30y NA20100F reopen 1.28%
27 May 2020 15y NZ16100X reopen 1.20%
28 Apr 2020 2y N518100E reopen 0.54%
27 Mar 2020 2y N517100F reopen 0.84%
26 Feb 2020 30y NA20100F 1.90%
29 Jan 2020 10y NY14100E reopen 1.64%
29 Oct 2019 7y NX16100F reopen 1.73%
26 Sep 2019 15y NZ16100X reopen 1.88%
26 Sep 2019 2y N516100Z reopen 1.66%
28 Aug 2019 10y NY14100E reopen 1.69%
29 Jul 2019 5y NY09100H reopen 1.74%
26 Jun 2019 20y NZ19100S 2.41%
29 May 2019 2y N516100Z reopen 1.94%
29 May 2019 15y NZ13100V reopen 2.33%
26 Apr 2019 10y NX18100A reopen 2.20%
27 Mar 2019 5y N518100E reopen 1.93%
26 Feb 2019 30y NA16100H reopen 2.60%
29 Jan 2019 5y N519100A 2.06%
29 Oct 2018 5y NY07100X reopen 2.20%
26 Sep 2018 15y NZ13100V reopen 2.80%
29 Aug 2018 2y NY05100N reopen 1.92%
27 Jul 2018 7y NX16100F reopen 2.40%
27 Jun 2018 20y NZ16100X reopen 2.86%
28 May 2018 5y NX13100H reopen 2.39%
26 Apr 2018 10y NX18100A 2.65%
27 Mar 2018 5y N517100F reopen 2.08%
27 Mar 2018 2y N515100S reopen 1.96%
26 Feb 2018 30y NA16100H reopen 2.94%
29 Jan 2018 5y N518100E 1.86%
27 Oct 2017 5y N516100Z reopen 1.77%
27 Sep 2017 2y N514100H reopen 1.43%
29 Aug 2017 15y NZ13100V reopen 2.40%
27 Jul 2017 7y NX15100Z reopen 1.95%
29 May 2017 30y NA16100H reopen 2.55%
26 Apr 2017 20y NZ16100X reopen 2.39%
29 Mar 2017 5y N517100F 1.75%
24 Feb 2017 10y NZ07100S reopen 2.35%
26 Jan 2017 2y NX09100W reopen 1.36%
27 Oct 2016 30y NA16100H reopen 2.29%
28 Sep 2016 5y N516100Z 1.32%
29 Aug 2016 2y NY03100A reopen 0.88%
27 Jul 2016 20y NZ16100X 2.25%
28 Jun 2016 2y N514100H reopen 1.17%
27 May 2016 10y NX16100F 2.15%
27 Apr 2016 7y NX13100H reopen 2.01%
29 Mar 2016 2y N513100T reopen 0.96%
25 Feb 2016 30y NA16100H 2.87%
27 Jan 2016 5y NX11100X reopen 2.03%
28 Sep 2015 2y N215100F 1.45%
27 Aug 2015 15y NZ10100F reopen 3.05%
26 Jun 2015 5y N515100S 2.03%
27 May 2015 10y NX15100Z 2.42%
28 Apr 2015 2y N513100T reopen 1.21%
27 Mar 2015 7y NX13100H reopen 2.19%
25 Feb 2015 30y NA12100N reopen 2.86%
28 Jan 2015 2y N710100Z reopen 0.86%
26 Sep 2014 5y N514100H 1.65%
27 Aug 2014 2y NY01100F reopen 0.51%
29 Jul 2014 10y NY09100H reopen 2.42%
26 Jun 2014 15y NY14100E 2.93%
28 May 2014 7y NX11100X reopen 1.95%
28 Apr 2014 20y NZ13100V reopen 3.04%
27 Mar 2014 2y N511100W reopen 0.52%
26 Feb 2014 10y NX13100H reopen 2.55%
28 Jan 2014 5y NX09100W reopen 1.62%
26 Sep 2013 2y N511100W reopen 0.42%
28 Aug 2013 20y NZ13100V 3.40%
26 Jun 2013 10y NX13100H 2.85%
29 May 2013 7y NX11100X reopen 1.79%
26 Mar 2013 5y N513100T 0.57%
26 Feb 2013 30y NA12100N reopen 2.76%
29 Jan 2013 2y N213100S 0.30%
26 Sep 2012 2y N509100N reopen 0.31%
29 Aug 2012 15y NZ07100S reopen 1.93%
27 Jul 2012 2y N708100S reopen 0.23%
27 Jun 2012 10y NY07100X reopen 1.60%
29 May 2012 7y NX09100W reopen 1.15%
28 Mar 2012 30y NA12100N 2.84%
27 Feb 2012 5y N710100Z reopen 0.68%
27 Jan 2012 2y N212100H 0.30%
28 Sep 2011 2y N509100N reopen 0.35%
26 Aug 2011 15y NY09100H reopen 2.02%
28 Jun 2011 2y NX03100Z reopen 0.41%
27 May 2011 10y NX11100X 2.34%
29 Mar 2011 5y N511100W 1.20%
24 Feb 2011 20y NZ10100F reopen 3.35%
27 Jan 2011 2y N508100V reopen 0.50%
29 Dec 2010 7y NX09100W reopen 2.75%
28 Sep 2010 5y N708100S reopen 0.90%
27 Aug 2010 20y NZ10100F 2.91%
28 Jun 2010 2y N507101E reopen 0.52%
26 May 2010 10y NY05100N reopen 2.75%
29 Mar 2010 7y N710100Z 2.38%
24 Feb 2010 15y NY09100H reopen 3.31%
27 Jan 2010 2y N507100A reopen 0.60%
28 Sep 2009 5y N509100N 1.39%
27 Aug 2009 15y NY09100H 3.11%
26 Jun 2009 2y NX01100H reopen 0.58%
27 May 2009 10y NX09100W 2.53%
27 Mar 2009 5y NX04100F reopen 1.43%
25 Feb 2009 20y NZ07100S reopen 2.97%
28 Jan 2009 2y N506100E reopen 0.65%
12 Jan 2009 7y N708100S reopen 1.71%
26 Sep 2008 5y NX03100Z reopen 2.65%
28 Aug 2008 15y NY07100X reopen 3.45%
29 Jul 2008 2y NX00100T reopen 1.05%
26 Jun 2008 7y N708100S 2.95%
28 May 2008 10y NY03100A reopen 3.50%
27 Mar 2008 5y N508100V 1.65%
27 Feb 2008 20y NZ07100S reopen 3.39%
30 Jan 2008 2y N505100F reopen 1.36%
26 Sep 2007 5y N507101E 2.60%
29 Aug 2007 15y NY07100X 3.20%
27 Jul 2007 2y N504100Z reopen 2.39%
28 May 2007 10y NY01100F reopen 2.80%
26 Apr 2007 7y NX04100F reopen 2.58%
28 Mar 2007 5y N507100A 2.68%
26 Feb 2007 20y NZ07100S 3.50%
29 Jan 2007 2y NX99100S reopen 3.03%
29 Aug 2006 15y NY05100N reopen 3.48%
27 Jul 2006 2y NX98100H reopen 3.13%
28 Jun 2006 7y NX03100Z reopen 3.51%
29 May 2006 5y NX01100H reopen 3.27%
29 Mar 2006 2y N503100S reopen 3.19%
24 Feb 2006 10y NY01100F reopen 3.45%
25 Jan 2006 5y N506100E 3.15%
28 Sep 2005 5y NX00100T reopen 2.65%
29 Aug 2005 15y NY05100N 3.30%
27 Jul 2005 2y N502100H reopen 2.04%
28 Jun 2005 7y NX02100S reopen 2.45%
17 Mar 2005 5y N505100F 2.73%
24 Feb 2005 10y NX04100F reopen 3.00%
27 Jan 2005 2y N205100A 1.80%
28 Sep 2004 5y N504100Z 2.39%
27 Aug 2004 15y NY03100A reopen 3.85%
28 Jul 2004 2y N204101F 1.44%
28 Jun 2004 10y NX04100F 3.68%
18 Mar 2004 5y NX99100S reopen 2.10%
25 Feb 2004 7y NX01100H reopen 2.95%
28 Jan 2004 2y N204100E 1.08%
26 Sep 2003 5y NX99100S reopen 2.52%
27 Aug 2003 15y NY03100A 4.08%
29 Jul 2003 2y N798100A reopen 1.18%
26 Jun 2003 10y NX03100Z 2.30%
18 Mar 2003 5y N503100S 1.56%
26 Feb 2003 7y NX00100T reopen 2.02%
29 Jan 2003 2y N500100X reopen 1.00%
29 Oct 2002 2y N500100X reopen 1.34%
17 Sep 2002 5y N502100H 2.69%
28 Aug 2002 15y NY01100F reopen 3.99%
26 Jun 2002 10y NX02100S 3.59%
26 Mar 2002 2y N599101T reopen 1.79%
29 Jan 2002 7y NX99100S reopen 3.71%
25 Oct 2001 2y N599100H reopen 1.75%
24 Sep 2001 5y N700100E reopen 2.92%
27 Aug 2001 15y NY01100F 3.87%
28 Jun 2001 10y NX01100H 3.64%
27 Mar 2001 2y N201100S 2.38%
26 Feb 2001 7y NX98100H reopen 3.37%
29 Jan 2001 5y N798100A reopen 3.27%
23 Nov 2000 2y N795100Z reopen 3.06%
28 Sep 2000 7y N700100E reopen 4.12%
28 Jul 2000 5y N500100X reopen 3.87%
13 Jul 2000 2y N200100H reopen 3.16%
29 Jun 2000 10y NX00100T 4.74%
11 Apr 2000 2y N200100H 2.94%
25 Feb 2000 7y N700100E 4.14%
27 Jan 2000 5y N500100X 4.10%
09 Dec 1999 2y N299101S reopen 2.33%
12 Oct 1999 5y N599101T reopen 3.72%
26 Aug 1999 7y N798100A reopen 4.34%
26 Aug 1999 2y N299101S 2.41%
13 Jul 1999 10y NX99100S reopen 4.61%
18 May 1999 5y N599101T 3.50%
26 Mar 1999 2y N299100Z 2.00%
16 Mar 1999 7y N798100A reopen 4.06%
25 Jan 1999 5y N599100H 3.66%
07 Jan 1999 10y NX99100S 4.50%
07 Dec 1998 2y N298102T 3.30%
20 Oct 1998 7y N798100A 4.45%
31 Aug 1998 5y N598101X 5.37%
21 Jul 1998 7y N797100E reopen 4.85%
26 Jun 1998 2y N298101H 3.50%
26 Jun 1998 10y NX98100H 5.87%
13 Apr 1998 2y N298100S 3.23%
02 Mar 1998 7y N797100E reopen 4.23%
26 Jan 1998 5y N598100T 4.35%
11 Nov 1997 7y N797100E 5.55%
07 Oct 1997 2y N297101T reopen 3.14%
26 Aug 1997 2y N297101T 3.30%
12 May 1997 5y N597100X 3.37%
25 Mar 1997 2y N297100H 1.93%
26 Nov 1996 2y N296101X reopen 2.63%
26 Nov 1996 5y N596101N reopen 3.20%
26 Nov 1996 7y N796100F reopen 3.45%
15 Oct 1996 2y N296101X reopen 2.37%
27 Aug 1996 5y N596101N 2.45%
25 Jun 1996 7y N796100F reopen 2.55%
25 Jun 1996 2y N296101X 1.30%
18 Jun 1996 7y N796100F 2.64%
12 Mar 1996 5y N596100W 2.40%
30 Jan 1996 2y N296100T 1.67%
24 Oct 1995 7y N795100Z 3.11%
29 Aug 1995 2y N295101W 2.13%
26 Jul 1995 5y N595101V 3.25%
09 May 1995 7y N794100S reopen 3.02%
09 May 1995 2y N295100X reopen 1.18%
28 Mar 1995 2y N295100X 1.90%
24 Jan 1995 5y N595100N 4.07%
28 Nov 1994 2y N294101N 3.43%
11 Oct 1994 5y N594101A 3.95%
01 Aug 1994 2y N294100W reopen 3.32%
04 Jul 1994 2y N294100W 3.33%
10 Jun 1994 7y N794100S 4.56%
23 May 1994 2y N293101V reopen 2.93%
25 Jan 1994 5y N594100V 3.30%
13 Dec 1993 5y N593100A reopen 2.73%
12 Oct 1993 2y N293101V reopen 1.48%
03 Aug 1993 2y N293101V 1.70%
29 Jun 1993 5y N593100A 3.11%
18 May 1993 2y N293100N 1.80%
23 Feb 1993 7y N793100H 4.57%
17 Nov 1992 5y N592101F 3.91%
13 Oct 1992 2y N292101A 2.04%
25 Aug 1992 7y N792100T 4.90%
12 May 1992 5y N592100E 4.24%
10 Feb 1992 2y N292100V reopen 3.07%
20 Jan 1992 2y N292100V 3.14%
27 Aug 1991 5y N591101Z 5.18%
09 Jul 1991 2y N291100A 5.12%
14 May 1991 2y N290101F reopen 4.73%
19 Mar 1991 5y N591100F 5.10%
29 Jan 1991 5y N590100Z reopen 5.29%
16 Oct 1990 2y N290101F 5.08%
28 Aug 1990 5y N590100Z 5.52%
12 Jun 1990 2y N290100E reopen 4.35%
03 Apr 1990 5y N589101S reopen 5.35%
13 Feb 1990 2y N290100E 4.59%
21 Nov 1989 5y N589101S 5.16%
22 Aug 1989 2y N289101F 4.70%
20 Jun 1989 5y N589100Z 5.38%
04 Apr 1989 2y N289100E 5.00%
06 Dec 1988 2y N288101Z reopen 4.90%
01 Nov 1988 5y N588101H reopen 5.37%
16 Aug 1988 2y N288101Z 5.28%
21 Jun 1988 5y N588101H 5.16%
26 Apr 1988 2y N288100F 3.84%
23 Feb 1988 5y N588100S 5.02%
01 Dec 1987 2y N287101S 4.10%
10 Nov 1987 5y N587102X 5.06%
28 Aug 1987 5y N587101T 5.09%
22 May 1987 2y N287100Z 3.65%
08 May 1987 5y N587100H 5.46%

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