Singapore government bonds: yields, auctions and how to buy

Singapore Government Securities (SGS) bonds are loans to the government that pay a fixed coupon every six months and repay the full amount at the end. MAS sells them at auctions, in lengths from 2 to 50 years, and anyone with an individual CDP account and a DBS/POSB, OCBC or UOB account can bid, from S$1,000. Below: today’s yields, the next auctions, how to bid, and what the retail-only offers and Astrea bonds have been.

Checked against MAS at 9:35 pm, 14 Nov 2026 SGT. We read MAS’s daily yields twice each evening, at about 6:35 and 9:35 pm, so an auction’s result is here the same evening.

A bond, a Savings Bond or a T-bill

The government borrows from individuals in three ways. They differ most in what happens if you need the money back early: a Savings Bond can be cashed in at its full value in any month, while a bond or T-bill has to be sold to someone else at whatever the market pays that day.

All three are Singapore government debt. The Savings Bond’s rates come from these same yields: MAS sets each issue’s from the average 1, 2, 5 and 10-year SGS yields over the month before it announces them. Savings Bond rates · T-bill rates · Where to put cash

What a bond pays on your amount

A new bond’s coupon is fixed at the auction and never changes, so what you get is known on the day: the coupon every six months, then your money back. The calculator also shows what you would get by selling early, because that depends on where yields are by then.

Your amount in a new bond

Amount of bonds

S$

From S$1,000, in multiples of S$1,000.

Bond length2 years (today 2.00%)5 years (today 2.11%)10 years (today 2.33%)15 years (today 2.37%)20 years (today 2.37%)30 years (today 2.40%)50 years (today 2.62%)

Cut-off yield

%

Starts at MAS’s benchmark yield for that length on 13 Nov. Auctions have cut off a little above it.

I might sell before it matures

A new 10-year bond auctioned at a cut-off yield of 2.33% would carry a coupon of 2.25% a year. For S$10,000 of bonds you’d pay S$9,929.00, get S$112.50 every six months, and S$10,000 back at the end: S$2,321.00 more than you paid, over 10 years.

Price per S$100

99.290

Every six months

S$112.50

All the coupons, 20 of them

S$2,250.00

Back at maturity

S$10,000

Our sums, on the usual semi-annual bond formula, for a bid filled in full at the cut-off and a sale on a coupon date. MAS sets a new bond’s coupon at the cut-off yield rounded down to the nearest 0.125%; a reopened bond keeps its coupon and costs a little more or less instead. A sale goes at the market price, less your broker’s or bank’s charges.

Yields from 1 to 50 years

These are MAS’s benchmark yields: what the banks that deal in government bonds were paying, on average, for each length at the end of the day. A new bond auctioned tomorrow would come out close to the figure for its length.

Close on 13 Nov 2026 A year earlier (13 Nov 2025) Five years earlier (12 Nov 2021)

Tap or hover on the chart to read a point.

0%1%2%3%

1y2y5y10y15y20y30y50y

The 30-year yields 0.40 points more than the 2-year. Lenders usually ask more to lock money away for longer, so an upward slope is the common shape; when short yields sit above long ones, the curve is called inverted. Since 1998 the 2-year has averaged above the 10-year in 20 months, most recently July 2024.

Since 1998

2-year 10-year 30-year

1 year10 yearsSince 1998

Tap or hover on the chart to read a value.

1%1.5%2%2.5%3%

Jan 2026AprJulOct

The 10-year’s highest close since 1998 was 5.69% on 31 Aug 1998; its lowest, 0.71% on 18 May 2020. The 2-year went as low as 0.08% on 21 Sep 2011. Over the last year the 10-year has moved from 1.94% to 2.33%.

The next bond auctions

MAS auctions a bond in most months, on a calendar it publishes ahead, and announces each auction’s size about a week before. Applications through the banks close a day or more before the auction itself.

MAS’s calendar can change, and it sets each auction’s size on the announcement day. A reopening adds to a bond already issued, at its existing coupon. Green and infrastructure bonds are SGS (Infrastructure), issued under the Significant Infrastructure Government Loan Act 2021.

Where the next cut-off might land

For the new 30-year bond on 27 Jan 2027, today’s curve puts a bond of that length at 2.40%. In the 127 MAS bond auctions since 2015, the cut-off landed between −0.39 and +0.51 points of the curve read 90 days earlier in 8 of every 10, so that gives a range of 2.01% to 2.91%. It narrows as the day nears: read the day before, the curve missed the cut-off by 0.07 points on average, and 8 in 10 cut-offs fell between −0.04 and +0.14 points of it. Repeating the last cut-off for the same length missed by 0.38 points.

Cut-offs have tended to come in a little above the curve: by 0.04 points at the middle auction, read the day before. This is a range from past auctions, not a forecast: a surprise in the news between now and then moves every yield.

When each bank stops taking applications

DBS opens applications at 6pm on the day MAS announces the auction. UOB counts Saturdays as business days, so for a Monday auction its cash cut-off is the Saturday. A bank can change these; its app or site shows the deadline when you apply.

How the auctions work, and recent results

You bid in one of two ways. A competitive bid names the lowest yield you will accept; a non-competitive bid accepts whatever yield the auction settles on. MAS fills bids from the lowest yield up until the bonds on offer are gone, and the yield at which it stops is the cut-off. Everyone who gets bonds pays the same price, the one that matches the cut-off yield, however low they bid. For a new bond, MAS sets the coupon at the cut-off rounded down to the nearest 0.125%, so the price comes out at or just under S$100.

A competitive bid above the cut-off gets nothing; one exactly at it may be filled only in part. A non-competitive bid avoids both, at the price of taking whatever yield the auction gives.

In all 127 of MAS’s bond auctions since 2015, non-competitive bids were filled in full. MAS fills them first, up to 40% of the issue, and shares that out if more is asked for. 4 syndicated green bonds in that time had no non-competitive part; individuals got a public offer instead (below).

Every bond auction since February 1980, 333 in all: download the CSV.

What a reopening costs

On 28 Sep 2026 MAS reopened NY25200N, a 15-year bond first auctioned in June 2025 with a 2.25% coupon, at a cut-off yield of 2.65%. Its price was S$95.976 per S$100, which includes 92 days of interest the bond had built up since its last coupon. On S$10,000 of bonds that is S$9,597.60 paid, of which S$56.25 is that interest; it comes back with the next coupon, which pays the full six months, S$112.50. Banks hold 115% of a reopening bid when you apply and refund the difference after the auction.

Our price formula gives MAS’s published cut-off price to within S$0.02 per S$100 for 243 of the 243 bond auctions since 2000 (with the interest built up included for reopenings, as MAS prices them).

How to buy

There are three ways in, and one rare fourth.

1. At an auction, through your bank. You need an individual CDP securities account (not a joint one) with Direct Crediting set up, and a DBS/POSB, OCBC or UOB account. Apply through the bank’s ATM, internet banking or app before its closing time, for at least S$1,000 in multiples of S$1,000. The bank takes the money when you apply and refunds what wasn’t used after the auction (OCBC says within 1 to 2 working days). The bonds reach your CDP account on the issue date, 3 business days after the auction.
2. On SGX, through a broker. Bonds already issued trade on SGX like shares, with cash or SRS money. Prices there include the interest built up since the last coupon, and the broker charges on top. You can buy any bond this way, any day, not just the one being auctioned.
3. Over the counter at a bank. DBS, OCBC and UOB buy and sell SGS bonds and T-bills at their main branches. MAS publishes each day’s closing prices, but those are dealers’ prices without the interest built up; ask the bank for its own.
4. In a public offer. Only when MAS sells a bond through banks instead of an auction; it has done this four times since 2022, each a green bond. The offers so far.

From MAS’s page on applying at auctions. CPF money needs a CPF Investment Account with the bank for the Ordinary Account.

The public offers so far

Four times since 2022, MAS has sold a new or reopened green bond through banks (a syndication) instead of an auction, and set aside S$50 million of each for individuals at the price the banks agreed. You apply in units of S$100, at least 10 units, through an ATM or internet banking IPO application at DBS/POSB, OCBC or UOB, with cash only and one application each; the bank charges S$2. 3 of the 4 drew less than the S$50 million on offer.

MAS announces a syndication shortly before it prices it; the offer stays open a few days after. MAS’s page on public offers.

Astrea and other retail bonds

Astrea bonds are often mentioned alongside government bonds, but they are a different thing. Each Astrea series is a company that owns stakes in a set of private equity funds; its bonds are paid from what those funds pay out. They are managed by Azalea, which in its own words “is a wholly-owned subsidiary of Seviora, and indirectly owned by Temasek Holdings (Private) Limited”. The Singapore-dollar Class A-1 bonds of the retail series were offered to the public with a prospectus and trade on SGX.

The 3 retail series that have ended were each repaid on their call date. Loan-to-value is Azalea’s own measure of the Class A bonds against the funds’ value, from each series’ latest distribution report; a lower figure means more fund value behind each dollar of Class A bonds. Every Class A bond’s interest steps up by 1 point a year if it isn’t repaid on its call date. Azalea’s notice on each prospectus: “Bondholders may lose all or part of their investments”.

Companies also sell retail bonds to the public from time to time, each with its own prospectus and risks. We don’t list them or their prices.

Tax, CPF and what can go wrong

Tax. MAS says “interest income earned on SGS is tax exempt” for individuals, so the coupons don’t go on your tax return.

CPF. You can bid with your CPF Ordinary or Special Account money (the table above shows where), but check first what that money already earns. MAS’s own page says: “The prevailing CPF interest rates may be higher than the yield on SGS.” Our page on CPF interest rates has this quarter’s. SRS money works too, and our SRS page compares the three banks’ SRS accounts.

The risk. The government pays the coupons and the full amount at maturity. The risk is in between: MAS says “The price of SGS bonds may rise or fall before maturity.” If yields go up after you buy, a bond paying the old, lower coupon is worth less to anyone else, and selling it means taking that lower price. Held to the end, you get back the full amount of bonds you bought.

More on this topic

Questions

Changes to this page

No corrections yet. The first one will be listed here, with the date and what changed.

1. 14 Nov 2026

   New: Singapore government bonds. MAS’s benchmark yields for every length from 1 to 50 years, read twice each evening, with daily history since 1998; the next bond auctions with each bank’s closing date and a cut-off range tested on every auction since 2015; every bond auction since 1980; how to bid with cash, SRS or CPF; the four public offers of green bonds; and the Astrea series. See the page

How we know this

The yields and auction results are MAS’s. Twice each evening we read MAS’s daily benchmark yields (from its statistics service, and once a week the full history since 1998 from its download page), its results for every SGS bond auction since 1980 and its issuance calendar. We worked out the coupon, price and selling figures in the calculator, the changes over a week, month and year, and the range for the next cut-off. That range comes from testing MAS’s curve against every bond auction since 2015, at the same number of days ahead; we show it because it beat simply repeating the last cut-off, and say how wide it is. Our price formula gives MAS’s own published price for each auction, which we check every run. We read by hand on 14 November 2026: MAS’s pages for individuals, DBS’s, UOB’s and OCBC’s pages on applying, MAS’s announcements of the four public offers, and Azalea’s page for each Astrea series. We don’t use SGX’s data or show market prices for bonds on SGX. Nothing here is advice to buy or sell, and no bank, broker or Azalea pays us. More rates on the Rates hub.

Contains information from SGS benchmark prices and yields, SGS auction results and issuance calendar accessed on 14 Nov 2026 from the Monetary Authority of Singapore website, which is made available under the terms of the MAS Terms of Use of Datasets. Numbers.sg is independent and is not endorsed by MAS.