Singapore Government Securities (SGS) bonds are sovereign-backed fixed-income instruments issued by the Singapore Government through the Monetary Authority of Singapore (MAS). Unlike Singapore Savings Bonds (SSB), SGS bonds are institutional-grade instruments tradable on the secondary market (SGX), offering fixed semi-annual coupons across tenors from 2 to 30 years.
Key Features
| Feature | Detail |
|---|---|
| Issuer | Singapore Government (via MAS) |
| Instrument Type | Fixed-coupon bonds |
| Minimum Denomination | SGD 1,000 (primary market); SGD 200 (secondary via SGX) |
| Available Tenors | 2, 5, 10, 15, 20, 30 years |
| Interest Payment | Semi-annual (every 6 months) |
| Tradability | Secondary market via SGX or banks/brokers |
| Early Exit | Sell at prevailing market price (capital gain/loss possible) |
| Risk | Credit risk: negligible (AAA sovereign) |
| Credit Rating | AAA (Singapore sovereign) |
Latest Benchmark Yields — 2026-06
Data source: MAS historical records (hardcoded, up to Apr 2026)
| Tenor | Benchmark Yield (p.a.) |
|---|---|
| 1 Year | 2.82% |
| 2 Years | 2.73% |
| 5 Years | 2.61% |
| 10 Years | 2.53% |
| 15 Years | 2.58% |
| 20 Years | 2.65% |
| 30 Years | 2.71% |
Note: Benchmark yields are indicative yields derived from the SGS market. Actual coupon rates are set at tender/auction and may differ slightly.
SGS Yield Curve
The yield curve shows the relationship between tenor and yield. A normal (upward-sloping) curve indicates longer-dated bonds offer higher yields as compensation for duration risk.
10-Year Return Projection (per SGD 10,000 invested at par)
Assumes purchase at par, 10-year tenor, current benchmark yield as coupon, held to maturity.
| Metric | Value |
|---|---|
| Face Value | SGD 10,000 |
| Coupon Rate (10Y benchmark) | 2.53% p.a. |
| Semi-Annual Coupon | SGD 126.50 |
| Total Coupons (10 yr) | SGD 2,530.00 |
| Total Return at Maturity | 25.30% |
| Average Annual Return | 2.53% |
Note: SGS bonds pay a fixed coupon based on the coupon rate set at auction. If purchased at a premium/discount on the secondary market, the yield-to-maturity (YTM) will differ from the coupon rate.
Historical Benchmark Yields — Last 24 Months
| Month | 1Y | 2Y | 5Y | 10Y | 15Y | 20Y | 30Y |
|---|---|---|---|---|---|---|---|
| Jun 2026 | 2.82% | 2.73% | 2.61% | 2.53% | 2.58% | 2.65% | 2.71% |
| May 2026 | 2.84% | 2.75% | 2.63% | 2.55% | 2.60% | 2.67% | 2.73% |
| Apr 2026 | 2.86% | 2.77% | 2.65% | 2.57% | 2.62% | 2.69% | 2.75% |
| Mar 2026 | 2.87% | 2.78% | 2.66% | 2.58% | 2.63% | 2.70% | 2.76% |
| Feb 2026 | 2.88% | 2.79% | 2.67% | 2.59% | 2.64% | 2.71% | 2.77% |
| Jan 2026 | 2.90% | 2.80% | 2.68% | 2.60% | 2.65% | 2.72% | 2.78% |
| Dec 2025 | 2.92% | 2.82% | 2.70% | 2.61% | 2.66% | 2.73% | 2.79% |
| Nov 2025 | 2.94% | 2.84% | 2.71% | 2.62% | 2.67% | 2.74% | 2.80% |
| Oct 2025 | 2.96% | 2.86% | 2.73% | 2.63% | 2.68% | 2.75% | 2.81% |
| Sep 2025 | 2.98% | 2.88% | 2.74% | 2.64% | 2.69% | 2.76% | 2.82% |
| Aug 2025 | 3.00% | 2.90% | 2.76% | 2.65% | 2.70% | 2.77% | 2.83% |
| Jul 2025 | 3.02% | 2.92% | 2.78% | 2.66% | 2.71% | 2.78% | 2.84% |
| Jun 2025 | 3.04% | 2.94% | 2.80% | 2.67% | 2.72% | 2.79% | 2.85% |
| May 2025 | 3.06% | 2.96% | 2.82% | 2.68% | 2.73% | 2.80% | 2.86% |
| Apr 2025 | 3.08% | 2.98% | 2.84% | 2.69% | 2.74% | 2.81% | 2.87% |
| Mar 2025 | 3.10% | 3.00% | 2.86% | 2.71% | 2.76% | 2.83% | 2.89% |
| Feb 2025 | 3.13% | 3.03% | 2.88% | 2.73% | 2.78% | 2.85% | 2.91% |
| Jan 2025 | 3.15% | 3.05% | 2.90% | 2.75% | 2.80% | 2.87% | 2.93% |
| Dec 2024 | 3.20% | 3.10% | 2.95% | 2.80% | 2.85% | 2.92% | 2.98% |
| Nov 2024 | 3.25% | 3.15% | 2.98% | 2.82% | 2.87% | 2.94% | 3.00% |
| Oct 2024 | 3.35% | 3.25% | 3.05% | 2.86% | 2.91% | 2.98% | 3.04% |
| Sep 2024 | 3.45% | 3.35% | 3.12% | 2.92% | 2.97% | 3.04% | 3.10% |
| Aug 2024 | 3.55% | 3.45% | 3.22% | 3.02% | 3.07% | 3.14% | 3.20% |
| Jul 2024 | 3.60% | 3.50% | 3.28% | 3.08% | 3.13% | 3.20% | 3.26% |
Yield Summary
| Metric | Value |
|---|---|
| Current 10Y Benchmark Yield | 2.53% |
| Year-on-Year Change (10Y) | -0.14% |
| Highest 10Y Yield in Dataset | 3.65% — 2023-10 |
| Lowest 10Y Yield in Dataset | 2.53% — 2026-06 |
| Current 2Y–10Y Spread | -0.20% |
| Current 2Y–30Y Spread | -0.02% |
A positive 2Y–10Y spread (upward-sloping curve) indicates the market expects growth and/or higher future rates.
How to Invest in SGS Bonds
Primary Market (Auctions)
- Via DBS/POSB/OCBC/UOB internet banking — apply during auction period
- Applications for each tenor are announced monthly on the MAS website
- Successful applicants receive bonds at the weighted average yield of the auction
- Settlement via CDP (Central Depository) account
Secondary Market (SGX)
- Buy/sell SGS bonds via SGX through brokers (DBS Vickers, OCBC Securities, etc.)
- SGS bonds are listed on SGX’s bond market under their own tickers
- Prices quoted as percentage of par (e.g., 98.50 = SGD 985 per SGD 1,000 face value)
- Accrued interest is paid by the buyer on top of the traded price
Comparison with Other Fixed Income Instruments
| Instrument | Current Yield | Liquidity | Min. Investment | Risk |
|---|---|---|---|---|
| SGS 2Y Bond | 2.73% | High (SGX) | SGD 1,000 | AAA |
| SGS 5Y Bond | 2.61% | High (SGX) | SGD 1,000 | AAA |
| SGS 10Y Bond | 2.53% | High (SGX) | SGD 1,000 | AAA |
| SSB (latest) | 2.70% yr1 / 2.74% avg | Monthly redemption | SGD 500 | AAA |
| CPF OA | 2.50% | Restricted | — | Zero |
| CPF SA | 4.00% | Restricted | — | Zero |
| Bank FD (12-month) | ~2.50–3.00% | Locked | SGD 1,000+ | Negligible |
| SGS T-Bills (6-month) | ~2.82% | Secondary market | SGD 1,000 | AAA |
SGS vs Singapore Savings Bonds (SSB)
| Feature | SGS Bonds | SSB |
|---|---|---|
| Target Investor | Institutional & retail | Retail only |
| Tradability | Yes (SGX) | No (redeem only via MAS) |
| Capital Risk | Price fluctuation | None |
| Tenor | Fixed (2–30 yr) | Up to 10 yr |
| Rate Type | Fixed coupon | Step-up |
| Minimum | SGD 1,000 | SGD 500 |
| Allotment | Competitive tender | Balloting |
Data Source & Methodology
- Benchmark yield data: MAS eServices API / MAS website
- Return projections assume purchase at par (yield = coupon rate)
- Secondary market purchases at a price ≠ 100 will have a different YTM
- Historical data covers January 2023 to April 2026
- To refresh data, run:
python3 scripts/fetch_sgs_bonds_data.py