10-Year SGS Bond (NX25100H) is announced today!
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10-Year SGS Bond NX25100H (28 Apr 2026) Open
22 Apr 2026
10-Year SGS Bond NX25100H is open for application from 22 Apr 2026. Auction will be conducted on 28 Apr 2026.
A total of $3.2B is offered for this issue, higher than that of $2.5B for the previous issue, NZ16100X (29 Oct 2025).
Application typically closes on 27 Apr 2026. CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 22 Apr 2026 Notify me
- Closing Date (Typical)
- 27 Apr 2026 Remind me
- Auction Date
- 28 Apr 2026 Notify me
- Issue Date
- 04 May 2026
- Maturity Date
- 01 Mar 2035
- Issue Code
- NX25100H (Reopened)
- Issue No
- 2
- ISIN Code
- SGXF25686589
- Coupon Rate
- 2.750% p.a.
- Coupon Payment Dates
- 01 Mar and 01 Sep
- Total Amount Offered
- $3,200,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 64 Day(s)
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 21 Aug 2026 | 27 Aug 2026 | 01 Sep 2026 | 01 Aug 2036 | Reopen | NZ16100X | SG31A9000002 |
Recent SGS Benchmark Yield
| Date | 16 Apr 2026 | 17 Apr 2026 | 20 Apr 2026 | 21 Apr 2026 | 22 Apr 2026 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.02 | 2.04 | 2.04 | 2.07 | 2.07 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 10-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
Auction Statistics (Last 10 Auctions in The Last 4 Years)
Cut-Off Yield, Previous Day Benchmark Yield
| Auction Date | Issue Code | Cut-Off Yield (%) | Previous Day Benchmark Yield (%) | Difference (%) |
|---|---|---|---|---|
| 27 Jul 2022 | NX22100W | 2.71 | 2.71 | 0.00 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.79 | 0.07 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 0.08 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.41 | 0.05 |
| 26 Feb 2025 | NX25100H | 2.79 | 2.82 | -0.03 |
| 28 May 2025 | NX24100T | 2.40 | 2.41 | -0.01 |
| 29 Oct 2025 | NZ16100X | 1.99 | 1.83 | 0.16 |
Cut-Off Yield had been in the range of -0.03 to 0.16 of Previous Day Benchmark Yield in the auctions above.
Cut-Off Yield, Median Yield, Average Yield
| Auction Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
|---|---|---|---|---|
| 27 Jul 2022 | NX22100W | 2.71 | 2.68 | 2.61 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.81 | 2.75 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 2.77 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.44 | 3.33 |
| 26 Feb 2025 | NX25100H | 2.79 | 2.75 | 2.71 |
| 28 May 2025 | NX24100T | 2.40 | 2.38 | 2.32 |
| 29 Oct 2025 | NZ16100X | 1.99 | 1.89 | 1.89 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $6,079,800,000 | 2.10 |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $5,796,941,000 | 1.70 |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $4,738,026,000 | 1.75 |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $5,773,481,000 | 1.99 |
| 26 Feb 2025 | NX25100H | $3,200,000,000 | $6,501,458,000 | 2.03 |
| 28 May 2025 | NX24100T | $900,000,000 | $2,213,924,000 | 2.46 |
| 29 Oct 2025 | NZ16100X | $2,500,000,000 | $4,232,382,000 | 1.69 |
Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications
| Auction Date | Issue Code | Total Amount Allotted | Amount Allotted to Non-Competitive Applications | % Allotted to Non-Competitive Applications | % of Non-Competitive Applications Allotted |
|---|---|---|---|---|---|
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $510,121,000 | 17.59% | 100.00% |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $617,542,000 | 18.16% | 100.00% |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $518,879,000 | 19.22% | 100.00% |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $507,713,000 | 17.51% | 100.00% |
| 26 Feb 2025 | NX25100H | $3,200,000,000 | $503,651,000 | 15.74% | 100.00% |
| 28 May 2025 | NX24100T | $900,000,000 | $52,108,000 | 5.79% | 100.00% |
| 29 Oct 2025 | NZ16100X | $2,500,000,000 | $386,303,000 | 15.45% | 100.00% |
Non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated on a pro-rated basis. This means, when % Allotted to Non-Competitive Applications reaches 40%, % of Non-Competitive Applications Allotted will be less than 100%.
The latest SSB (SBMAY26) has a 10-year average return of 2.14% p.a. View Details
The next SSB (SBJUN26) is projected to have a lower 10-year average return. View Projection