SGS Bonds: Information for Institutions

Singapore Government Securities (SGS) bonds are tradable debt securities that pay a fixed, semi-annual coupon. SGS bonds have typical maturities of 2, 5, 10, 15, 20 or 30 years and are issued through auctions.

Overview

Product Information

Key Details

SGS bonds are fully backed by the Singapore Government.

Issuer
Government of Singapore
Sovereign credit rating
AAA
Tenor
2, 5, 10, 15, 20 or 30 years
Currency
SGD
Interest rate
Fixed, semi-annual coupon
Interest payments
Every 6 months, starting from the month of issue. Paid on the first business day.

Compare with SGS T-bills and MAS bills

Buying and Selling

SGS bonds are issued through auctions. Auctions typically take place 3 business days before issuance and are announced on the SGS website 5 business days before the auction.

You can submit your application through any of the approved primary dealers.

Frequency of issuance
Typically monthly, according to the issuance calendar.
Method of sale
Uniform price auction - investors can submit competitive or non-competitive bids.
Bid format
In yield terms, up to 2 decimal places.
Investment amount
S$1,000, and in multiples of S$1,000. There is no maximum amount an institution can hold, but there are limits for each auction.
Typical issue size
S$2 billion to S$3 billion for benchmark issues.
Who can buy
All institutions and individuals, including non-residents.
Settlement
  • T+3 for auctions; T+1 in the secondary market on a delivery-versus-payment (DVP) basis.
  • Settled via the MAS Electronic Payment System (MEPS+).
Custody
By book entry in the investor's custody account.

  • Institutions without a MEPS+ account need to open an SGS account with any primary dealer.
  • Institutions can also use their Clearstream and Euroclear accounts to custodise SGS.
Secondary market trading
  • Primary dealers: Bloomberg E-bond platform, brokers.
  • Institutional investors: over-the-counter and through primary dealers' dealer-to-client platforms.
Trading hours are from 9am to 11:30am and 2pm to 4:30pm.

Tax

There is no capital gains tax in Singapore.

For residential financial institutions (excluding Financial Sector Incentive - Standard Tier companies) and corporations, interest income is taxed at a concessionary rate of 10% for SGS issued up to 31 Dec 2023.

More on tax 

Auction Updates

Enquiries

If you have any questions or enquiries about this product, please contact us.