10-year SGS Bond
NZ13100V
Originally auctioned 28 Aug 2013 · Matures 01 Sept 2033 · 7y 3m left
Latest cutoff yield
3.05%
Auctioned 27 Jun 2023 (reopening) · median 2.97%
Issue details
- Fixed coupon:
- 3.38% · paid 01 Mar / 01 Sep
- Tenor:
- 10 years
- Outstanding:
- S$9.5B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jun 2023 | reopen | 3.05% | 2.97% | 1.75 | S$2.7B |
| 29 May 2019 | reopen | 2.33% | 2.29% | 1.84 | S$900M |
| 26 Sept 2018 | reopen | 2.80% | 2.78% | 2.25 | S$1.5B |
| 29 Aug 2017 | reopen | 2.40% | 2.36% | 2.19 | S$1.3B |
| 28 Apr 2014 | reopen | 3.04% | 3.00% | 2.25 | S$1.4B |
| 28 Aug 2013 | new issue | 3.40% | 3.25% | 1.49 | S$1.7B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.05% cutoff is 19 bp higher than the previous 10-year SGS auction (NX22100W, 2.86% on 27 Jan 2023).
- Price vs par: The bond cleared at S$103.96 per S$100 face value — a premium, because the 3.38% fixed coupon is above the 3.05% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 5 times since the original auction on 28 Aug 2013. 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 (3.38% 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 NZ13100V mature?
- NZ13100V matures on 01 Sept 2033. 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 NZ13100V?
- NZ13100V pays a fixed coupon of 3.38% 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 NZ13100V's coupon compare to the current 10-year SGS benchmark yield?
- NZ13100V's fixed coupon of 3.38% is 136 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 NZ13100V?
- NZ13100V has already been issued (most recent auction 27 Jun 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 10-year SGS
- ← NX22100W — 2.86% cutoff
- NX24100T → — 2.40% cutoff
- Latest 10-year: NX25100H — 2.09% 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 →