10-year SGS Bond
NZ16100X
Originally auctioned 27 Jul 2016 · Matures 01 Aug 2036 · 10y 2m left
Latest cutoff yield
1.99%
Auctioned 29 Oct 2025 (reopening) · median 1.89%
Issue details
- Fixed coupon:
- 2.25% · paid 01 Aug / 01 Feb
- Tenor:
- 10 years
- Outstanding:
- S$11.6B
- Auctions held:
- 8 (1 original + 7 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Oct 2025 | reopen | 1.99% | 1.89% | 1.69 | S$2.5B |
| 29 Mar 2022 | reopen | 2.57% | 2.53% | 2.16 | S$800M |
| 28 Apr 2021 | reopen | 1.95% | 1.93% | 2.70 | S$1.7B |
| 27 May 2020 | reopen | 1.20% | 1.03% | 1.46 | S$2.0B |
| 26 Sept 2019 | reopen | 1.88% | 1.85% | 1.83 | S$800M |
| 27 Jun 2018 | reopen | 2.86% | 2.82% | 2.38 | S$1.5B |
| 26 Apr 2017 | reopen | 2.39% | 2.37% | 2.16 | S$800M |
| 27 Jul 2016 | new issue | 2.25% | 2.21% | 1.84 | S$1.5B |
10-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.99% cutoff is 41 bp lower than the previous 10-year SGS auction (NX24100T, 2.40% on 28 May 2025).
- Price vs par: The bond cleared at S$103.08 per S$100 face value — a premium, because the 2.25% fixed coupon is above the 1.99% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 7 times since the original auction on 27 Jul 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 (2.25% 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 NZ16100X mature?
- NZ16100X matures on 01 Aug 2036. 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 NZ16100X?
- NZ16100X pays a fixed coupon of 2.25% 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 NZ16100X's coupon compare to the current 10-year SGS benchmark yield?
- NZ16100X's fixed coupon of 2.25% is 23 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 NZ16100X?
- NZ16100X has already been issued (most recent auction 29 Oct 2025). 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
- ← NX24100T — 2.40% cutoff
- 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 →