10-year SGS Bond
NX25100H
Originally auctioned 26 Feb 2025 · Matures 01 Mar 2035 · 8y 9m left
Latest cutoff yield
2.09%
Auctioned 28 Apr 2026 (reopening) · median 2.05%
Issue details
- Fixed coupon:
- 2.75% · paid 01 Mar / 01 Sep
- Tenor:
- 10 years
- Outstanding:
- S$6.4B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Apr 2026 | reopen | 2.09% | 2.05% | 1.80 | S$3.2B |
| 26 Feb 2025 | new issue | 2.79% | 2.75% | 2.03 | S$3.2B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.09% cutoff is 10 bp higher than the previous 10-year SGS auction (NZ16100X, 1.99% on 29 Oct 2025).
- Price vs par: The bond cleared at S$105.77 per S$100 face value — a premium, because the 2.75% fixed coupon is above the 2.09% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Feb 2025. 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 NX25100H mature?
- NX25100H matures on 01 Mar 2035. 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 NX25100H?
- NX25100H 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 NX25100H's coupon compare to the current 10-year SGS benchmark yield?
- NX25100H's fixed coupon of 2.75% is 73 bp above the current 10-year SGS benchmark of 2.02% (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 NX25100H?
- NX25100H has already been issued (most recent auction 28 Apr 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 10-year SGS
- ← NZ16100X — 1.99% 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 →