How to Buy SGS Bonds in Singapore

Singapore Government Securities (SGS) bonds are the long end of Singapore’s government bond market — fixed-coupon bonds with tenors from 2 to 50 years, all fully backed by the Government and rated AAA. Buying one is not quite the same as buying a T-bill or a Savings Bond: there are three distinct routes in, and which account you use decides your options. Here is how each works.

What an SGS bond is

An SGS bond is a tradable government bond that “pay[s] a fixed rate of interest and ha[s] maturities ranging from 2 to 50 years.” You receive a coupon every six months at a fixed rate, and at maturity you are repaid the face value. There are three categories — SGS (Market Development), SGS (Infrastructure) and Green SGS (Infrastructure) — but for an individual buyer they behave identically. The practical difference from the Government’s other instruments is the long, fixed commitment: if you want short tenors or monthly liquidity, compare the options first in SGS bonds vs T-bills vs SSB.

Three ways to buy an SGS bond

There are three channels, and your choice of funds often decides which you can use:

The three buying routes and the funds each accepts. Source: MAS, Nov 2026.

1. Primary auction — the usual route, open monthly per the issuance calendar. You bid for a new bond; price is set by a uniform-price auction. Cash, SRS or CPFIS funds are all accepted.
2. Syndication Public Offer — occasional large (often ultra-long) issues sold at a fixed price and yield. Cash only.
3. Secondary market — buying an already-issued bond from another holder, on SGX through a broker or at a dealer bank, any time before maturity.

What you need before you apply

Anyone aged 18 and above, including foreigners, can buy SGS bonds, with a minimum of S$1,000, in multiples of S$1,000. What you set up first depends on how you pay:

• Cash: a bank account with DBS/POSB, OCBC or UOB, plus an individual CDP account with Direct Crediting Service (DCS) activated so coupons and principal are paid to your bank account. MAS notes “you cannot buy SGS with a joint CDP account,” although “you can pay for the SGS application from a joint bank account.”
• SRS: an SRS account with one of the three SRS operators (DBS/POSB, OCBC, UOB).
• CPFIS-OA: a CPF Investment Account with a CPFIS agent bank (DBS/POSB, OCBC, UOB). For CPFIS-SA, there is no need to open a CPF Investment Account.

Buying at a primary auction, step by step

The auction route is how most individuals buy. The steps:

How an SGS bond auction runs from announcement to issue. Source: MAS, Nov 2026.

1. Check the issuance calendar on the MAS website for the next SGS bond auction, its announcement and its closing date.
2. Decide your bid type. A non-competitive bid takes only the amount and accepts the auction’s yield; a competitive bid names the lowest yield you will accept. Most retail buyers choose non-competitive — the mechanics are the same as for bills, explained in competitive vs non-competitive bids.
3. Apply through your bank. For cash: DBS/POSB via ATM, internet banking or the app; OCBC via ATM, internet banking or the app; UOB via ATM or internet banking. SRS and CPFIS applications go through the matching operator or agent bank. (CPFIS-OA buyers at UOB must apply for SGS bonds in person at a branch.)
4. Mind the cut-off. MAS notes that for individuals, “applications for SGS through ATMs and internet banking typically close 1 to 2 business days before the auction,” so do not leave it to auction day.
5. Wait for allotment and issuance. SGS bond auctions are held 4 business days after the announcement, results come out about 2 hours after the auction, and the bond is issued 3 business days after the auction. Your holding then shows in your CDP, SRS or CPFIS statement.

Buying a syndicated bond through the Public Offer

Occasionally MAS issues a large, often very long-dated bond by syndication rather than auction. After the bond is priced in the institutional market, a Public Offer opens to individuals — typically “one business day after the price and yield are determined,” and open for “about 3 to 5 days.”

Key rules that differ from an auction:

• Cash only — no CPF or SRS.
• One application per individual across all banks; MAS warns “multiple applications will be rejected.”
• Apply through the bank’s Electronic Security Application (ESA) / IPO service, not the “SGS” auction platform.
• Each unit is S$100 of face value; the minimum is 10 units and you apply in multiples of 10 units (i.e. S$1,000).
• The full amount is debited at application, with a non-refundable S$2 administrative fee; any un-allotted money is refunded “by the following business day after allotment day.”

Buying on the secondary market

You do not have to wait for a new issue. Individuals “can buy or sell SGS bonds and T-bills on the secondary market anytime before maturity,” in two ways:

• On SGX through a broker (SGS bonds only): you need a brokerage trading account plus a CDP account (for cash) or an SRS account. Trading runs 9am to 5pm with a break from 12pm to 1pm, and carries transaction and brokerage costs.
• At a dealer bank (DBS, OCBC or UOB main branches): buy or sell SGS bonds or T-bills over the counter, using cash, SRS or CPFIS funds.

Paying with cash, SRS or CPF

Each funding source has its own custody and limits:

At auction there is no overall personal ceiling beyond the per-auction allotment limit; through syndication there is no maximum at all.

After you buy: coupons, holdings and maturity

Once you hold the bond, the income and the exit work like this:

• Coupons are paid every six months, starting from the month of issue, on the first business day of the month, into the bank account linked to your CDP (or your SRS/CPFIS account).
• Holdings appear after the issue date on your CDP statement (cash), SRS operator statement (SRS) or CPFIS/CPF statement.
• At maturity the face value and final coupon are “automatically credited to your bank account … no transaction fee,” with nothing to do.
• Exiting early: there is no early redemption with the Government — you can only sell on the secondary market, where “the price of SGS bonds may rise or fall before maturity.”

Fees to watch

SGS bonds are low-cost but not free of charges. At a primary auction there is no MAS fee, though banks may levy their own charges — check with yours. The Public Offer carries the S$2 non-refundable administrative fee per application. The secondary market is where costs bite: SGX trades carry “transaction and brokerage costs” set by your broker, and dealer-bank trades may carry a spread. Holding to maturity avoids all secondary-market costs.

Frequently asked questions

Can foreigners buy SGS bonds? Yes. Individuals aged 18 and above, including foreigners, can buy them.

Do I get my capital back? If you hold to maturity, yes — you receive the face value (S$100 per unit). If you sell early on the secondary market, you get the market price, which may be above or below what you paid.

How is an SGS bond different from a Savings Bond? An SGS bond pays a fixed coupon and cannot be redeemed early with the Government, only sold on the market; a Savings Bond steps its interest up and can be redeemed any month at face value. See how to apply for SSB and Singapore Savings Bonds explained.

When do I receive interest? Every six months, on the first business day of the coupon month, starting from the month of issue.

Can I use CPF to buy at a Public Offer? No. The Public Offer is cash only; to use CPF or SRS for a syndicated bond you would buy it on the secondary market afterwards.

Related

• SGS bonds vs T-bills vs SSB
• How to buy Singapore T-bills
• What happens when your T-bill matures
• Compare FD, T-bill and SSB returns

General information on how to buy SGS bonds, not financial advice. Auction yields and issuance dates change; confirm the current issue, fees and account requirements with MAS and your bank before applying.