30-year SGS Bond SGS (Infra)
NA21200W
Originally auctioned 28 Sept 2021 · Matures 01 Oct 2051 · 25y 4m left
Latest cutoff yield
3.11%
Auctioned 27 Sept 2023 (reopening) · median 3.10%
Issue details
- Fixed coupon:
- 1.88% · paid 01 Oct / 01 Apr
- Tenor:
- 30 years
- Outstanding:
- S$6.0B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Sept 2023 | reopen | 3.11% | 3.10% | 2.20 | S$1.5B |
| 28 Sept 2022 | reopen | 3.28% | 3.24% | 2.05 | S$1.9B |
| 28 Sept 2021 | new issue | 1.95% | 1.89% | 1.58 | S$2.6B |
30-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.11% cutoff is 17 bp lower than the prior reopening of this issue (3.28% on 28 Sept 2022).
- Price vs par: The bond cleared at S$77.03 per S$100 face value — a discount, because the 1.88% fixed coupon is below the 3.11% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 28 Sept 2021. 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 (1.88% 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 NA21200W mature?
- NA21200W matures on 01 Oct 2051. 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 NA21200W?
- NA21200W pays a fixed coupon of 1.88% 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 NA21200W's coupon compare to the current 30-year SGS benchmark yield?
- NA21200W's fixed coupon of 1.88% is 15 bp below the current 30-year SGS benchmark of 2.03% (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 NA21200W?
- NA21200W has already been issued (most recent auction 27 Sept 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 30-year SGS
- ← NA20100F — 1.40% cutoff
- NA24300E → — 2.57% 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 →