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. There are three categories of SGS bonds – SGS (Market Development), SGS (Infrastructure) and Green SGS (Infrastructure).

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Product Information

SGS bonds are fully backed by the Singapore Government. There are three different categories of SGS Bonds, summarised here:

SGS (Market Development) SGS (Infrastructure) Green SGS (Infrastructure)
The first Green SGS (Infrastructure) would be issued in 2022.
 
Legislation Government Securities Act Significant Infrastructure Government Loan Act (SINGA) Significant Infrastructure Government Loan Act (SINGA)
Objective To develop the domestic debt market To finance major, long-term infrastructure To finance major, long-term green infrastructure projects
Issuer Government of Singapore
Sovereign Credit Rating AAA
Available Tenor 2, 5, 10, 15, 20 or 30 years
Currency SGD
Frequency of Issuance Monthly, according to the issuance calendar
Method of Sale Uniform price auction; Competitive or non-competitive bids.
Coupon Payment Semi-annual coupon starting from the month of issue. Paid on the first business day of the month.
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.

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More Information about SGS bonds

Find out more about Singapore's bond market, the auction process and how to buy and sell SGS bonds.

Understanding SGS Bonds

Get an overview of Singapore's economy, credit rating and bond market. View the market features, legislation and guidelines, and tax treatment.

Buying and Selling SGS Bonds

Find out how to buy and sell SGS bonds at auctions, or buy and sell them on the secondary market

Understanding Auctions

View the issuance calendar for planned auctions and find out how auctions work.