20-year SGS Bond
NA16100H
Originally auctioned 25 Feb 2016 · Matures 01 Mar 2046 · 19y 9m left
Latest cutoff yield
2.13%
Auctioned 25 Feb 2026 (reopening) · median 2.07%
Issue details
- Fixed coupon:
- 2.75% · paid 01 Mar / 01 Sep
- Tenor:
- 20 years
- Outstanding:
- S$10.5B
- Auctions held:
- 7 (1 original + 6 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 25 Feb 2026 | reopen | 2.13% | 2.07% | 1.85 | S$1.0B |
| 27 Feb 2024 | reopen | 3.08% | 3.02% | 2.13 | S$2.1B |
| 26 Feb 2019 | reopen | 2.60% | 2.56% | 1.99 | S$1.6B |
| 26 Feb 2018 | reopen | 2.94% | 2.90% | 2.21 | S$1.7B |
| 29 May 2017 | reopen | 2.55% | 2.48% | 1.57 | S$1.5B |
| 27 Oct 2016 | reopen | 2.29% | 2.27% | 1.98 | S$600M |
| 25 Feb 2016 | new issue | 2.87% | 2.77% | 1.57 | S$2.0B |
20-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.13% cutoff is 95 bp lower than the prior reopening of this issue (3.08% on 27 Feb 2024).
- Price vs par: The bond cleared at S$110.06 per S$100 face value — a premium, because the 2.75% fixed coupon is above the 2.13% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 6 times since the original auction on 25 Feb 2016. 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 NA16100H mature?
- NA16100H matures on 01 Mar 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 NA16100H?
- NA16100H 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 NA16100H's coupon compare to the current 20-year SGS benchmark yield?
- NA16100H'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 NA16100H?
- NA16100H has already been issued (most recent auction 25 Feb 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
- ← NA12100N — 2.80% cutoff
- All SGS bonds →
Compare & cross-check
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- Latest 6-mo T-bill: BS26111H — 1.48% cutoff
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