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, 30 or 50 years. There are three categories of SGS bonds – SGS (Market Development), SGS (Infrastructure) and Green SGS (Infrastructure) .

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)
Further information on the Singapore Green Bond Framework
Legislation Government Securities (Debt Market and Investment) Act 1992 Significant Infrastructure Government Loan Act 2021 (SINGA) Significant Infrastructure Government Loan Act 2021 (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, 30 or 50 years
Currency SGD
Frequency of Issuance Auction: Monthly, according to the issuance calendar
Syndication: From time to time, according to indicative timeframe as announced by MAS
Method of Sale Auction: Uniform price auction - competitive or non-competitive bids.
Syndication: Placement Tranche - price and yield determined through the book-building process.
Coupon Payment Semi-annual coupon starting from the month of issue. Paid on the first business day of the month.

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 SGS bonds at auctions or syndications.

Understanding Auctions and Syndications

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