Singapore SGS Bond Price & Yield Calculator 2026 — AAA Government Securities Clean & Dirty Price, Yield to Maturity (YTM), Accrued Interest Actual/365, Modified Duration, Macaulay Duration & DV01 Price Sensitivity

Singapore Government Securities (SGS) are fixed-coupon, tradeable bonds issued by the Singapore government through MAS. Key differences from Singapore Savings Bonds (SSBs): SGS bonds: tradeable on the SGX secondary market; fixed coupon (doesn’t step up); longer maturities (2yr to 30yr); price moves with market yields — capital gain/loss risk; accrued interest must be calculated for mid-period purchases; minimum S$1,000 at auction; SSBs: non-tradeable (can only be redeemed through MAS, not sold to another party); step-up coupon (increases each year); maximum 10-year maturity; no price risk — always redeemable at par (face value); no accrued interest concept for SSBs (interest paid semi-annually and accrued daily but you always receive full face value at redemption); maximum S$200,000 per person; their similarities: both are Singapore government-backed (AAA rating); both are tax-exempt for Singapore individuals; both pay semi-annual interest; both available to Singapore citizens and PRs; SGS bond characteristics: the coupon is fixed for life (e.g., a 3.00% 10-year SGS always pays 3.00% regardless of market rates); the market price fluctuates based on current yield environment; buying at auction vs secondary: MAS conducts regular SGS bond auctions; retail investors can apply at DBS, OCBC, UOB; if buying on the secondary market (SGX), you pay the quoted clean price plus accrued interest (dirty price).

Clean price vs dirty price for Singapore SGS bonds 2026: clean price (also called flat price): the quoted market price of the bond, expressed as a percentage of face value; example: 98.50 means S$985 per S$1,000 face; this is what you see on Bloomberg, Reuters, MAS website, or when dealers quote a price; it does NOT include accrued interest; dirty price (also called full price or invoice price): the ACTUAL amount you pay when you buy (or receive when you sell) the bond; dirty price = clean price + accrued interest; this is the settlement amount — the amount that actually moves on trade date; accrued interest: bonds pay coupons on fixed dates (e.g., January 1 and July 1 for a semi-annual coupon); between coupon dates, interest accrues to the existing bondholder daily; if you buy the bond mid-period, you must compensate the seller for the interest that has accrued since the last coupon date; when the next coupon is paid: the new buyer (you) receives the FULL coupon (even though you didn’t hold the bond for the whole coupon period); the accrued interest you paid to the seller at purchase compensates for this; Singapore SGS day count convention: actual/365; accrued interest = coupon per period × (actual days since last coupon date / (365/2)); example: 3.00% coupon SGS bond, 45 days since last coupon: annual coupon per S$1,000 = S$30; semi-annual coupon = S$15; accrued = S$15 × (45/182.5) = S$3.70; dirty price per S$1,000 at 98.50 clean = S$985.00 + S$3.70 = S$988.70.

YTM calculation for Singapore SGS bonds 2026: YTM is the single annualised discount rate that, when applied to all future cash flows from the bond (coupons + face value at maturity), equals the current dirty price. Formula: Dirty Price = Sum of [Coupon/2 / (1 + YTM/2)^t] + Face / (1 + YTM/2)^N. Where: Coupon = annual coupon; Dirty Price = clean price + accrued interest (what you actually pay); t = semi-annual period number (1, 2, 3…N); N = total number of remaining semi-annual periods; YTM is expressed as an annual rate with semi-annual compounding. Why you can’t solve directly: YTM cannot be isolated algebraically from this equation — it must be solved numerically; this calculator uses the bisection method (project standard) because Newton-Raphson can diverge for some bond configurations; the bisection method is guaranteed to converge for well-behaved bonds; example: 3.00% coupon SGS bond, 10 years remaining (20 semi-annual periods), clean price 98.50: dirty price = 985.00 + accrued; YTM ≈ 3.175% p.a. (annualised, semi-annual compounding); interpreting YTM: YTM > coupon rate: bond trades at discount (price below par); YTM < coupon rate: bond trades at premium (price above par); YTM = coupon rate: bond trades at par (exactly 100%); YTM assumptions: assumes: (1) you hold to maturity; (2) all coupons are reinvested at the YTM rate (reinvestment risk); if either assumption is violated, your actual realised return will differ from YTM.

Buying Singapore SGS bonds as a retail investor 2026: method 1 — MAS primary auction (recommended for retail): MAS issues new SGS bonds regularly; retail investors can apply through DBS, OCBC, or UOB (internet banking, ATM, or branch) during the application window; bid types: non-competitive (accept the cut-off yield): always allotted at the auction yield; competitive (specify your yield): allotted if your yield is at or below the cut-off; minimum: S$1,000; no maximum for individuals; settlement: typically T+2; interest payment: semi-annually; you receive the bond in your CDP account; at maturity: face value repaid to your bank account; method 2 — SGX secondary market (less practical for retail): you can buy/sell existing SGS bonds through brokers or banks; clean price quoted as % of face; you pay dirty price (clean + accrued) at settlement; bid-ask spreads in the secondary market can be 0.25%–0.75% for less liquid issues; broker commissions apply; practical considerations: the secondary market is primarily institutional — retail investors may find spreads make this expensive; for retail investment, primary auctions are usually more cost-effective; how to check upcoming SGS auctions: mas.gov.sg/bonds-and-bills; announcements include: issuance date, coupon rate, maturity date, auction date; you apply during the application window through your bank; important: SGS bonds purchased at auction are registered in your name in CDP; they’re NOT held in the bank — the bank is just the distribution channel.

Modified duration and its importance for SGS bonds 2026: modified duration measures the percentage change in bond price for a 1% (100 basis point) change in yield. Formula: Modified Duration = Macaulay Duration / (1 + YTM/2) for semi-annual bonds. What it tells you: if modified duration = 8.5 years: a 1% yield INCREASE → approximately 8.5% price DECREASE; a 1% yield DECREASE → approximately 8.5% price INCREASE; this is approximate (linear approximation); actual impact is curved due to convexity; examples by SGS bond maturity (indicative at 3.00% coupon, par price): 2-year SGS: modified duration ~1.96 years; 1% yield rise → ~1.96% price fall; 5-year SGS: modified duration ~4.58 years; 1% yield rise → ~4.58% price fall; 10-year SGS: modified duration ~8.53 years; 1% yield rise → ~8.53% price fall; 30-year SGS: modified duration ~19.6 years; 1% yield rise → ~19.6% price fall; practical implications for Singapore investors: if you’re holding SGS bonds and yields rise by 1%, a 10-year bond falls ~8.5%; the same 1% yield rise on T-Bills has almost no price impact (duration ~0.5 years); this is why long-duration SGS bonds are much more volatile than T-Bills; if you’ll hold to maturity: price swings don’t matter — your YTM is locked in; if you might sell before maturity: duration tells you your mark-to-market risk; DV01 (Duration × 0.0001 × Dirty Price) = dollar loss for 1bp yield rise; for a S$100,000 face value 10-year SGS at par with duration 8.5: DV01 ≈ 8.5 × 0.0001 × 100,000 = S$85 per 1bp yield rise.

Macaulay Duration vs Modified Duration for Singapore SGS bonds 2026: Macaulay Duration: measures the weighted average time (in years) until you receive the bond’s cash flows (coupons + principal), weighted by their present value; formula: Mac. Duration = Sum of [t × PV(CF_t)] / Dirty Price; where t is time in years and PV(CF_t) is the present value of each cash flow; interpretation: a Macaulay Duration of 8.0 years means you effectively “receive” the average cash flow at year 8 — it’s the bond’s economic “center of gravity” in time; for a zero-coupon bond: Macaulay Duration = maturity (all cash flow is at maturity); for a coupon bond: Macaulay Duration < maturity (because coupons are received before maturity); Modified Duration: the price sensitivity metric derived from Macaulay Duration; formula: Mod. Duration = Mac. Duration / (1 + YTM/frequency); relationship: Modified Duration tells you how MUCH price changes; Macaulay Duration tells you WHEN you effectively receive your money; example for a 10-year 3.00% SGS bond at 3.00% YTM: Macaulay Duration ≈ 8.57 years (you effectively receive your money at year 8.57 on average); Modified Duration ≈ 8.57 / (1 + 0.03/2) = 8.57/1.015 ≈ 8.44 years (price changes by ~8.44% per 1% yield move); immunization strategy: if you want to protect a bond portfolio against interest rate changes, you match the Macaulay Duration of your bond portfolio to your investment horizon; this "duration matching" ensures that price changes and reinvestment rate changes offset each other — used by Singapore insurance companies and pension funds managing long-term liabilities.

SGS bonds as an investment in Singapore 2026 — objective framework: when SGS bonds are attractive: when yields are relatively HIGH by historical standards and you expect yields to fall (capital gain potential); when you want a fixed income stream (semi-annual coupons) locked in at current high rates for 10–30 years; for institutional investors: duration management, yield curve positioning, regulatory capital; when you want the absolute highest credit quality (AAA Singapore government) for a specific maturity that can’t be replicated with SSBs; when SGS bonds are LESS attractive vs alternatives: SSBs offer comparable yields for 1–10 year horizons WITHOUT price risk (SSB is redeemable at par any month); T-Bills offer competitive short-term yields without any lock-in; CPF-OA (2.5%) + CPF-SA (4.0%) often beat SGS bonds for CPF members; for ordinary Singapore investors, the practical hierarchy in 2026: T-Bills: highest current yield for 6-month horizon, government-backed, zero price risk; SSBs: best 1–10 year risk-adjusted yield (no capital loss risk, flexible redemption); SGS bonds at auction: suitable only if you’re committed to holding to maturity AND the YTM is meaningfully above SSB equivalent rates; do NOT buy SGS bonds on the secondary market unless you’re sophisticated and accept the price volatility risk; what changes the SGS case: if MAS/global central banks cut rates significantly: long-duration SGS bonds could generate substantial capital gains (the bond rallies when yields fall) — making them attractive for position trades; if rates stay high: your YTM is locked in and the income stream is valuable long-term.

DV01 (Dollar Value of 01) for Singapore SGS bonds 2026: DV01 is the change in a bond’s dirty price for a 1 basis point (0.01%, or 0.0001) increase in yield. Formula: DV01 = |Price at (YTM + 0.0001) − Price at YTM|; alternatively: DV01 ≈ Modified Duration × Dirty Price × 0.0001; DV01 is always expressed in dollar terms (S$ per unit of face value); for a bond with S$1,000 face value: DV01 = dollars per S$1,000 face; for S$100,000 face: DV01 × 100. Example: 10-year 3.00% SGS bond at par (S$1,000 dirty price): Modified Duration ≈ 8.44; DV01 ≈ 8.44 × S$1,000 × 0.0001 = S$0.844 per S$1,000 face; for S$1,000,000 face: DV01 = S$844 per basis point; for a 30-year SGS bond: DV01 ≈ S$1.85 per S$1,000 face — 2.2× more rate sensitive than the 10-year; practical use of DV01: trading desks use DV01 to hedge interest rate risk; if a dealer is long S$50M face of 10-year SGS (DV01 ≈ S$42,200/bp): they might short S$50M face of 10-year SGS futures (approximately the same DV01) to neutralise the rate risk; for Singapore retail investors: DV01 is less of a trading tool and more of a risk awareness metric; knowing your SGS bond’s DV01 tells you: if the 10-year SGS yield moves by 25bp (a modest market move): price impact per S$1,000 face = S$0.844 × 25 = S$21.10 (about 2.1% of face); for a S$100,000 holding: mark-to-market change of S$2,110 for a 25bp yield move — significant for risk-aware investors.

Singapore SGS bond day count convention 2026: SGS bonds use the Actual/365 day count convention (also written as ACT/365). What this means: the numerator is the ACTUAL number of calendar days since the last coupon payment date; the denominator is always 365, even in leap years (some Actual/365 Fixed conventions adjust for this — SGS uses the standard Actual/365); for Singapore SGS which pay semi-annually: the denominator for each period is 365/2 = 182.5 days; accrued interest formula for SGS: Accrued Interest = (Annual Coupon / 2) × (Actual Days Since Last Coupon / 182.5); example: 3.00% SGS bond, face S$1,000, 45 days since last coupon: semi-annual coupon = S$15; accrued = S$15 × (45/182.5) = S$15 × 0.2466 = S$3.70; why day count matters: different bonds use different conventions, and mixing them gives wrong accrued interest calculations; common day count conventions in bond markets: Actual/365: Singapore SGS, UK gilts; Actual/360: US T-Bills, US money market; 30/360: some US corporate bonds, Eurobonds (assumes 30 days/month, 360 days/year); Actual/Actual (ISMA/ICMA): many European government bonds; Singapore context: T-Bills use Actual/360 (bank discount basis with 360-day year); SGS bonds use Actual/365; SSBs don’t have traditional accrued interest (though interest accrues internally — you always get full face at redemption); always use the correct convention when calculating SGS accrued interest — using 360 instead of 365 will give approximately 1.4% error in the accrued amount.

SGX secondary market trading for Singapore retail investors 2026: technically yes, but practically challenging: market structure: the SGS secondary market is primarily an Over-The-Counter (OTC) interbank/institutional market; while SGS bonds are technically listed on SGX, the retail trading infrastructure is limited; banks that may provide SGS access for retail: DBS (through DBS Vickers Securities); OCBC Securities (bond trading desk); UOB Kay Hian; typically requires a minimum trade size of S$250,000–S$500,000 at most banks for competitive pricing; spreads for retail: bid-ask spreads on the secondary market can be wide for retail investors: 5yr SGS: typical retail spread 0.25%–0.5% (S$2.50–S$5.00 per S$1,000 face); 10yr SGS: typical retail spread 0.5%–1.0%; 30yr SGS: 1.0%–2.0%+; these spreads represent a significant cost compared to the yield advantage over SSBs; practical recommendation for Singapore retail: for most retail investors, the combination of SSBs + T-Bills + SGS at primary auction is more cost-effective and accessible than secondary market trading; primary auction for SGS: free of transaction costs (no spread, no commission); allocations at the cut-off yield; DBS, OCBC, UOB make this available through internet banking; if you specifically need a certain tenor or want to trade yield curves: contact a bank’s bond trading desk; expect minimum transaction sizes and understand the spread cost; the MAS financial markets website (mas.gov.sg) provides daily SGS benchmark yields for reference.

Price-yield relationship for Singapore SGS bonds 2026: the fundamental rule: bond prices and yields move in OPPOSITE directions. Why this happens: a bond’s coupon is fixed (e.g., 3.00% on a SGS bond); if new bonds are issued at 3.50% yield, the old 3.00% bond is less attractive; investors will only buy it if its price falls to give an equivalent 3.50% effective return; conversely, if new bonds yield only 2.50%, the old 3.00% bond is more attractive, so its price rises; the mathematical relationship: Price = Sum of discounted future cash flows; as the discount rate (YTM) increases → present values decrease → price falls; as YTM decreases → present values increase → price rises; this calculator’s price-yield curve chart shows this relationship visually: the curve is downward sloping (price falls as yield rises); the curve is CONVEX (curves away from the origin) — not a straight line; key price anchors: at maturity: price = face value (S$1,000) regardless of coupon; at YTM = coupon rate: price = face value (par); at YTM > coupon: price < par (discount); at YTM < coupon: price > par (premium); practical example at 3.00% coupon, 10 years: at 2.00% YTM: price ≈ 108.98% = S$1,089.80 (premium); at 3.00% YTM: price = 100.00% = S$1,000.00 (par); at 4.00% YTM: price ≈ 91.89% = S$918.90 (discount); at 5.00% YTM: price ≈ 84.56% = S$845.60 (significant discount); the magnification of price changes increases with maturity: a 2-year bond moves far less for the same yield change than a 30-year bond; this is why long-dated SGS bonds are the most volatile (highest duration) instruments in the Singapore fixed income market.

SGS bond tax treatment in Singapore 2026: for Singapore individual investors: SGS bond coupon income is tax-exempt; you do NOT declare coupon income on your IRAS tax return; this is the same treatment as SSBs and T-Bills — all Singapore government securities are tax-exempt for individuals; capital gains: Singapore has NO capital gains tax; if you sell a SGS bond at a profit (because yields fell after you bought), the capital gain is not taxable; for companies and institutions: coupon income from SGS bonds may be taxable as part of business income; consult a corporate tax advisor; foreign investors: SGS coupon income paid to non-residents of Singapore has historically been exempt from Singapore withholding tax; verify current IRAS rules as they may change; CPF implications: if you hold SGS via CPFIS: interest is credited to your CPFIS investment account; CPF rules on withdrawal apply; non-CPFIS holdings: regular bank account holdings — straightforward, interest credited directly; comparison to corporate bonds: corporate bond interest income may be taxable if paid to an individual in the course of a business; for most Singapore individual investors holding SGS as passive investments: all income (coupon, capital gain) is tax-free; this is a significant advantage vs global corporate bonds or foreign government bonds where withholding taxes may apply; practical note: there are no dividend vouchers or tax certificates issued for SGS coupon income — the tax exemption is automatic; you do not need to “claim” it.

Singapore SGS bond availability 2026: benchmark SGS bonds are issued at specific maturities. MAS maintains the SGS market to provide yield benchmarks across the curve. Typical benchmark maturities: 2-year, 5-year, 10-year, 15-year, 20-year, 30-year; MAS reissues (reopens) existing bonds rather than creating new ones — this keeps liquidity concentrated in benchmark issues; how to check current SGS bonds: official source: mas.gov.sg/bonds-and-bills → “Singapore Government Bonds” → “Outstanding Issues”; this page shows all outstanding SGS bonds with: ISIN code; coupon rate; maturity date; outstanding amount; current benchmark yield (updated daily); SGS bond naming convention: SGS bonds are identified by: series (e.g., N-Series, O-Series); coupon rate and maturity year; example: “3.375% SGS due 2033” means a bond with 3.375% annual coupon maturing in 2033; checking market yields for this calculator: go to mas.gov.sg/bonds-and-bills; click on the bond you’re interested in; note: the coupon rate (for coupon field); the remaining years to maturity (for maturity field); the latest benchmark yield from MAS (use this as your YTM to compute current price); retail access to outstanding SGS: at primary auctions when MAS reopens the bonds; through dealers/banks for secondary market (larger minimums); upcoming SGS issuances and reopenings are announced at mas.gov.sg/bonds-and-bills at least 1 week before the auction; sign up for MAS alerts to be notified.

Finding current Singapore SGS bond yields 2026: official MAS source (most reliable): mas.gov.sg/bonds-and-bills → “SGS Benchmark Yields”; this page shows: indicative yield for each benchmark maturity (2yr, 5yr, 10yr, 20yr, 30yr); updated daily during market hours; these are secondary market consensus yields — use them in this calculator’s YTM-to-Price mode to determine fair value; reading a benchmark yield table: if the 10-year SGS yield is 3.20%: this means the outstanding 10-year SGS benchmark bond is trading at a price that gives a 3.20% YTM; use 3.20% in this calculator’s YTM→Price mode with the specific bond’s coupon rate and maturity to get its fair price; Bloomberg/Reuters (professional): if you have access: Bloomberg ticker format for SGS: e.g., “SGS 3.375 08/01/33 Corp” for a 3.375% bond maturing 2033; Reuters: SGS yields in the SGD fixed income section; banks: DBS, OCBC, UOB publish indicative SGS prices on their online trading platforms (if you have a bond trading account); MAS weekly statistical bulletin: includes historical SGS yields going back years — useful for context; how to use the yield in this calculator: step 1: find the current 10-year SGS benchmark yield from MAS (e.g., 3.20%); step 2: find the coupon rate of the specific SGS bond you hold or want to buy from the MAS outstanding issues page (e.g., 3.00%); step 3: enter these in YTM→Price mode; step 4: the calculated dirty price is the theoretical fair value — compare to quotes from your broker/bank to assess whether you’re getting a fair price.

Selling Singapore SGS bonds before maturity 2026: selling process: SGS bonds are held in your CDP account; to sell, contact your bank’s bond trading desk or broker: DBS Vickers, OCBC Securities, UOB Kay Hian handle SGS sales; you’ll receive a quoted bid price (the dealer’s buying price — lower than mid-market); the bid-ask spread is the dealer’s profit; settlement: T+2; proceeds credited to your linked bank account; what determines the price: current market yield for the SGS bond; the price moves based on where rates are today vs when you bought; if yields have FALLEN since purchase: price has RISEN — you may realise a capital gain; if yields have RISEN since purchase: price has FALLEN — you may realise a capital loss; is there a penalty for early exit? There’s no formal penalty — you just sell at market price; but the market price may be below what you paid if yields rose; this is fundamentally different from FDs (which forfeit interest) and SSBs (which always return par value); comparing early exit options by instrument: SGS bond: sell at market price (could be gain or loss depending on rate moves); SSB: redeem at full face value, any month, no penalty; FD: break clause typically forfeits all accrued interest; T-Bill: cannot sell before maturity (for retail); practical guidance: if you’re uncertain whether you’ll hold to maturity: SSBs are a superior choice (they never have capital loss on redemption); if you’re confident you’ll hold to maturity: SGS YTM is your locked-in return, equivalent to SSB from a risk perspective; if you want capital gain potential from falling rates: long-duration SGS bonds are the tool — but accept the capital loss risk if rates rise.

Convexity for Singapore SGS bonds 2026: convexity measures the curvature of the price-yield relationship. Why it matters: duration gives a LINEAR approximation of how price changes with yield; in reality, the price-yield curve is CURVED (convex); for large yield moves (50bp+), the linear approximation (duration) understates the actual price behaviour; positive convexity benefits: when yields FALL significantly: actual price gain > duration estimate (convexity adds extra gain); when yields RISE significantly: actual price loss < duration estimate (convexity provides cushion); this asymmetry means: large yield drops benefit you MORE than duration predicts; large yield rises hurt you LESS than duration predicts; longer-duration bonds have MORE convexity: 2-year SGS: low convexity (small curvature); 10-year SGS: moderate convexity; 30-year SGS: very high convexity (large curvature); example: 30-year SGS bond, modified duration ~19.6: 100bp yield fall: duration-estimated gain = 19.6%; actual gain ≈ 22.8% (convexity adds ~3.2%); 100bp yield rise: duration-estimated loss = 19.6%; actual loss ≈ 16.8% (convexity saves ~2.8%); 2026 context: investors who are positioning for interest rate cuts (expecting MAS to ease) buy long-duration SGS bonds specifically for this convexity benefit; if yields fall 100bp on a 30-year SGS bond: a S$1,000 face bond could appreciate from S$1,000 to ~S$1,228 — a 22.8% capital gain in addition to the coupon income; this is why institutional investors and sophisticated retail investors watch the price-yield curve chart closely — this calculator's chart shows your specific bond's convexity profile across the full yield range from 0.5% to 8.0%.