Singapore 10-year SGS yield: how high is 2.35% in its own history?
The 10-year Singapore Government Securities yield ended August 2026 at 2.35%. Across 339 month-ends since June 1998 it ranks 208th, below the middle of its own history, while US, UK and Japanese yields sit at multi-decade highs.
Long-term government bond yields in the United States, the United Kingdom and Japan are at their highest in decades. Singapore’s ten-year yield has risen too, but measured against its own history it sits below the middle. This note places the current figure in a 28-year record and shows what it means for savers and CPF members.
What is the Singapore 10-year yield now?
The 10-year SGS yield ended August 2026 at 2.35%, according to the MAS series published in SingStat table M700071.
10-year Singapore Government Securities yield, end of August 2026 (MAS via SingStat, month-end value)
The official table stops at August. More recent values come from ADB AsianBondsOnline, which uses Bloomberg data and a different collection method.
| Measure | Value | Basis and source |
|---|---|---|
| End of August 2026 | 2.35% | Month-end, MAS via SingStat |
| September 2026 average | 2.45% | Monthly average of daily closes, ADB (data: Bloomberg) |
| 30 September 2026 close | 2.47% | Daily, ADB (data: Bloomberg) |
| 2026 daily high | 2.61% (28 September) | Daily, ADB (data: Bloomberg) |
| Latest daily, 7 October 2026 | 2.48% | Daily, ADB (data: Bloomberg) |
| Change over 12 months to August | +52 basis points | Month-end, MAS via SingStat |
The official series is end-of-month and the September figure is a monthly average from another source, so the two are not the same measurement. They point the same way: the yield has drifted higher since mid-2026.
Where does 2.35% rank since 1998?
Of 339 month-ends from June 1998 to August 2026, 2.35% ranks 208th. 204 month-ends were higher, and only 38.6% of the record was lower.
| Reference point | Month | Yield |
|---|---|---|
| Highest in the series | August 1998 | 5.69% |
| Last month-end above August 2026 | May 2025 | 2.44% |
| Latest | August 2026 | 2.35% |
| Lowest in the series | October 2020 | 0.81% |
So the August reading is the highest month-end in 15 months, not in decades. The 2.61% daily high of 28 September was the highest daily close in the ADB data since April 2025. Even that would have ranked around the middle of the monthly record.
How has the yearly average moved?
Averaging the month-end values within each calendar year gives the following path.
How has the yearly average moved?
Average 10-year yield
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Year | Average 10-year yield |
|---|---|
| 2000 | 4.37% |
| 2006 | 3.36% |
| 2008 | 2.78% |
| 2012 | 1.46% |
| 2020 | 1.01% |
| 2022 | 2.75% |
| 2023 | 3.05% |
| 2024 | 2.98% |
| 2025 | 2.30% |
| 2026 (January to August) | 2.15% |
The 2023 average of 3.05% was the highest yearly figure since 2006. Since then the yearly average has come down, even as yields elsewhere climbed. 2026 is a partial year, and its average is pulled down by readings near 2.0% in the first half.
What is left after inflation?
The real margin depends on which inflation month you use.
| Comparison | Ten-year | Inflation | Real |
|---|---|---|---|
| August yield vs April CPI (this site’s series) | 2.35% | 1.76% | +0.59 points |
| April yield vs April CPI (same month) | 2.10% | 1.76% | +0.34 points |
| August yield vs August headline CPI (MTI) | 2.35% | 2.3% | about +0.05 points |
This site’s consumer price series ends in April 2026, while MTI’s August release gives headline inflation of 2.3%. With matching months the real yield is close to zero. In the long record, the same-month real yield ranged from +5.01 points (January 2002) to −5.14 points (April 2008).
The official 10-year series is an end-of-month value, rounded to two decimals. The September 2026 figure of 2.45% is a monthly average of ADB daily data (Bloomberg) and is shown only as a supplement. The real yields above mix sources and, in the first row, months that are four months apart.
What does it mean for savers, borrowers and bondholders?
Singapore has no policy interest rate. MAS manages the Singapore dollar exchange rate band, and in July 2026 it raised the band’s rate of appreciation very slightly. The usual ten-year-minus-policy spread therefore cannot be computed. The 10-year minus 2-year spread was 65 basis points in August 2026.
The clearest household link is CPF. The Special, MediSave and Retirement account rate is pegged to the 12-month average 10-year SGS yield plus 1%, with a 4% floor extended to 31 December 2026.
12-month average 10-year SGS yield (about 2.12%, September 2025 to August 2026 month-ends) plus 1 point. The 4% floor still applies
For the peg alone to reach 4%, the 12-month average would need to be 3.0%. The last calendar year with an average at that level was 2023. Bondholders face the reverse picture: a yield of 2.35% offers a modest margin over inflation, and a holder who bought in 2023 near 3% has seen prices rise as yields fell.
Most Singapore home loans are priced off short-term benchmarks rather than the ten-year yield, so mortgage costs do not follow this number directly.
To see how a long-term goal changes with different return and inflation assumptions, try the future need calculator.
Open the future need calculator →
When should you not read too much into this ranking?
First, the ranking is in nominal terms and covers only 1998 onwards, a period that includes the near-zero rates of 2020 and 2021. Second, the official series and the ADB series measure different things (month-end versus daily or monthly average). Third, the CPF calculation above uses month-end values and is an approximation; CPF Board publishes the official rate each quarter. For how the same 2026 wave looks in other countries, see global long yields in 2026.
Questions & answers
What is the Singapore 10-year government bond yield now?
The official MAS series published by SingStat shows 2.35% at the end of August 2026. September is not yet in that table; ADB AsianBondsOnline data put the September average at 2.45% and the 30 September close at 2.47%. The latest daily value in this note is 2.48% on 7 October 2026.
Is 2.35% high for Singapore?
Not by its own history. Of 339 month-ends from June 1998 to August 2026 it ranks 208th, and 204 month-ends were higher. The peak was 5.69% in August 1998 and the low was 0.81% in October 2020.
How does the 10-year SGS yield affect CPF interest?
The Special, MediSave and Retirement account rate is pegged to the 12-month average yield of 10-year SGS plus 1 percentage point. The 12-month average is about 2.12%, so the peg gives about 3.1%, below the 4% floor that the government has extended to 31 December 2026. The floor, not the bond yield, sets the rate for now.
Why does Singapore not have a ten-year minus policy rate spread?
MAS sets monetary policy through the Singapore dollar nominal effective exchange rate band rather than an interest rate. In July 2026 it raised the band's rate of appreciation very slightly. Without a policy rate, the 10-year minus 2-year spread (65 basis points in August 2026) is the closest substitute.
Source
- SingStat Table Builder M700071 - Government securities 10-year and 2-year bond yields, end of period (source: MAS) ↗
- ADB AsianBondsOnline (data: Bloomberg) - 10-year local currency government bond yields ↗
- MTI - Consumer price developments in August 2026 ↗
- BIS - Long consumer prices database ↗
- MAS - Monetary Policy Statement, 27 July 2026 (via Mondo Visione) ↗
- Human Resources Online - CPF 4% floor on SMRA extended to 31 December 2026 (24 September 2025) ↗
- US Department of the Treasury - Daily Treasury par yield curve rates ↗
- CapsWindow - Data & methodology ↗