20-year SGS Bond
NA12100N
Originally auctioned 28 Mar 2012 · Matures 01 Apr 2042 · 15y 10m left
Latest cutoff yield
2.80%
Auctioned 29 Mar 2023 (reopening) · median 2.58%
Issue details
- Fixed coupon:
- 2.75% · paid 01 Apr / 01 Oct
- Tenor:
- 20 years
- Outstanding:
- S$7.3B
- Auctions held:
- 5 (1 original + 4 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Mar 2023 | reopen | 2.80% | 2.58% | 1.89 | S$800M |
| 27 Aug 2021 | reopen | 1.86% | 1.83% | 2.24 | S$1.4B |
| 25 Feb 2015 | reopen | 2.86% | 2.80% | 1.85 | S$1.8B |
| 26 Feb 2013 | reopen | 2.76% | 2.70% | 1.71 | S$1.2B |
| 28 Mar 2012 | new issue | 2.84% | 2.72% | 2.26 | S$2.1B |
20-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.80% cutoff is 94 bp higher than the prior reopening of this issue (1.86% on 27 Aug 2021).
- Price vs par: The bond cleared at S$99.28 per S$100 face value — a discount, because the 2.75% fixed coupon is below the 2.80% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 4 times since the original auction on 28 Mar 2012. 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 (2.75% 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 NA12100N mature?
- NA12100N matures on 01 Apr 2042. 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 NA12100N?
- NA12100N pays a fixed coupon of 2.75% 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 NA12100N's coupon compare to the current 20-year SGS benchmark yield?
- NA12100N's fixed coupon of 2.75% is 75 bp above the current 20-year SGS benchmark of 2.00% (as of 12 Jun 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 NA12100N?
- NA12100N has already been issued (most recent auction 29 Mar 2023). 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
- ← NZ19100S — 1.27% cutoff
- NA16100H → — 2.13% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26070F — 1.46% year 1
- Latest 6-mo T-bill: BS26111H — 1.48% cutoff
- Compare SSB · T-bill · SGS →