Singapore Government Securities (SGS) are marketable debt instruments of the Government of Singapore. These debt instruments take the form of either Treasury bills (T-bills) or bonds, and are considered safe investments, as they are backed by the full faith and credit of the Singapore Government. The terms of issuance are governed by the Local Treasury Bills Act and the Government Securities Act respectively.

The Singapore Government is obliged to pay the holders of SGS a fixed sum of money on the maturity date of the securities. SGS cannot be cashed in before their maturity dates, but investors can always sell them in the SGS market. SGS Primary Dealers are prepared to buy and sell SGS at any time during normal market trading hours.

As the fiscal agent of the Government, the Monetary Authority of Singapore (MAS) acts to undertake the issue and management of SGS on its behalf.

What Are The Types Of SGS?

T-bills are short-term debt securities that mature in one year or less from their issue date. They are bought and sold at a discount, i.e. at a price less than their face (par) value, and when they mature, the Government will pay the holder an amount of S$ equivalent to the face value of the security. Therefore, the interest earned on the T-bill is the difference between its purchase price and face (par) value. They are denominated at nominal values of S$1,000 and traded at a rate of discount basis. The Singapore Government issues T-bills of 3-month and 1-year maturities.

SGS bonds are longer-term debt securities, which pay a fixed rate of interest (called the coupon) every six months for the life of the securities and then their face (par) values upon redemption on maturity. They are generally not issued at a discount unlike T-bills, and have typical maturities of 2, 5, 10, 15 and 20 years.

The most recently issued SGS bonds in each of these tenors, being the benchmark securities, are more actively traded. Older and more seasoned SGS bonds become off-the-run issues and are less actively traded. SGS bonds are also denominated in nominal values of S$1,000 and traded on a price basis expressed in terms of S$100 principal.

Summary Table on SGS




Singapore Government

Singapore Government


3M and 1Y

2Y, 5Y, 10Y, 15Y, 20Y

(7Y non-benchmark)

Interest Rate


Fixed Coupon

Coupon Payments



(Every 6 months)

Minimum Denomination



You can find the latest government-issued bonds at http://www.sgs.gov.sg/

About the Author

Ivan Guan is the author of the popular book "FIRE Your Retirement". He is an independent financial adviser with more than a decade of knowledge and experience in providing financial advisory services to both individuals and businesses. He specializes in investment planning and portfolio management for early retirement. His blog provides practical financial tips, strategies and resources to help people achieve financial freedom. Follow his Telegram Channel to join the FIRE community.
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