15-year SGS Bond
NZ19100S
Originally auctioned 26 Jun 2019 · Matures 01 Jul 2039 · 13y 1m left
Latest cutoff yield
3.02%
Auctioned 29 Jul 2024 (reopening) · median 2.99%
Issue details
- Fixed coupon:
- 2.38% · paid 01 Jul / 01 Jan
- Tenor:
- 15 years
- Outstanding:
- S$6.8B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jul 2024 | reopen | 3.02% | 2.99% | 2.48 | S$1.7B |
| 29 Mar 2023 | reopen | 2.80% | 2.70% | 2.10 | S$1.4B |
| 28 Sept 2020 | reopen | 1.27% | 1.21% | 1.71 | S$1.8B |
| 26 Jun 2019 | new issue | 2.41% | 2.35% | 1.96 | S$1.9B |
15-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.02% cutoff is 22 bp higher than the prior reopening of this issue (2.80% on 29 Mar 2023).
- Price vs par: The bond cleared at S$92.50 per S$100 face value — a discount, because the 2.38% fixed coupon is below the 3.02% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 3 times since the original auction on 26 Jun 2019. 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 (2.38% 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 NZ19100S mature?
- NZ19100S matures on 01 Jul 2039. 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 NZ19100S?
- NZ19100S pays a fixed coupon of 2.38% 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 NZ19100S's coupon compare to the current 15-year SGS benchmark yield?
- NZ19100S's fixed coupon of 2.38% is 38 bp above the current 15-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 NZ19100S?
- NZ19100S has already been issued (most recent auction 29 Jul 2024). 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 15-year SGS
- ← NZ16100X — 2.57% cutoff
- NY25200N → — 2.35% 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 →