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新加坡政府证券 SGS

新加坡政府证券(Singapore Government Securities, 简称“SGS”) ，是新加坡政府发行的债务证券，由新加坡金融管理局（MAS）代表新加坡政府发行和管理。

SGS有四种类型： 

  • 国库券 (Treasury Bills，简称“T-bills”) 
  • SGS债券（SGS Bonds） 
  • 新加坡储蓄债券 (Singapore Saving Bonds，简称“SSBs”) 
  • 现金管理国库券 (Cash Management Treasury Bills，简称“CMTBs”)

SGS的发行原因：

老百姓借钱，一般是用于私人开销，那么新加坡政府在公开市场借债，是出于什么原因呢？

其实，新加坡政府的大部分借款，并不用于政府支出。发行SGS债券和国库券主要是为了： 

  • 建立一个流动的SGS市场，提供一个稳健的政府收益率曲线，并把它作为新加坡公司债务市场的一个基准。
  • 发展一个活跃的二级市场，包括现金交易和衍生品交易，以实现有效的风险管理。
  • 鼓励国内外发行人和投资者参与新加坡债券市场。

SGS债券中的两大基础设施债券 – SGS基础设施债券和绿色SGS基础设施债券，主要是为了新加坡重大和长期的基础设施融资，其中绿色SGS基础设施债券包括可再生能源、绿色建筑、可持续交通项目等。

新加坡储蓄债券（SSBs）的主要目标是为个人提供一种安全、灵活且具有稳定回报的长期储蓄工具。

此外，现金管理国库券（CMTBs）是新加坡政府发行的短期债务工具，通常期限小于6个月，旨在为政府提供灵活的现金管理解决方案，主要面向的是机构投资者。

SGS的重要时间线

  • 1998年– MAS主导提高SGS市场效率和流动性，作为其将新加坡发展为国际债务中心战略的一部分。
  • 2000年 – 这一战略得到了进一步完善，引入集中发行SGS的计划，旨在建立大规模和高流动性的基准债券，通过大规模发行新SGS债券和重新开放现有债券，扩大自由流通量来实现。 
  • 2015年 – 推出SSB计划，为个人提供长期、安全、灵活的储蓄回报。 
  • 2021年 – 新加坡政府宣布计划发行CMTBs。CMTBs作为政府现金管理工具中的一种，它提供更多的操作灵活性，以便政府在出现短期现金流不匹配的情况下，迅速筹集资金。 
  • 2021年– 新加坡议会通过了《重大基础设施政府贷款法案》           （SINGA），授权政府借款高达900亿新加坡元，用于资助重大长期基础设施。这是一种公平有效的方法——公平在于由将受益于基础设施的多代人共同分担支付，有效在于政府可以利用新加坡的AAA信用评级，在优惠利率下筹集资金。SGS（基础设施）和绿色SGS（基础设施）将在SINGA框架下发行。

新加坡政府证券基金 

新加坡政府证券募集的资金去哪了？

所有SGS债券（SGS基础设施债券和绿色SGS基础设施债券除外）和国库券发行所得的收益，都被纳入新加坡政府证券基金。政府证券基金只能用于支付SGS（SGS基础设施债券和绿色SGS基础设施债券除外）的利息和本金，这确保了政府的借款不用于其日常支出。

新加坡储蓄债券（SSBs）是专门为个人投资者设计的独立债务工具，因此它并不包括在新加坡政府证券基金中，而是由MAS单独管理。

新加坡政府的信用评级

新加坡始终如一的高评级表明其具有强大的信用能力，违约的可能性极小。 对于投资者而言，这意味着SGS债券、国库券和储蓄债券是最安全的投资选择之一。

评级机构

 本币评级 外币评级

Moody‘s

 Aaa

Aaa

S&P

 AAA

AAA

Fitch

 AAA

AAA
R&I AAA

AAA

SGS的税收优惠

新加坡没有资本利得税。作为个人的新加坡居民和非新加坡居民，都不需要为从SGS获得的利润和利息收入缴税。

SGS债券、T Bills、SSBs 综合对比一览

新加坡政府证券 SGS — Engage

以上数据更新截止于2024年7月2日。实际收益率可能会根据市场条件和具体发行时的情况有所不同。

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

丁翊洵 / Isabelle Ding

– 来自中国苏州 
– 鑫盟理财独立理财顾问, 2023至今
– 注册国际金融理财师, 2023 
– 新加坡友邦保险财务服务顾问, 2013-2023
– 英国商科硕士学位, 2003
– 苏州大学国际贸易学士学位, 2002 
– 曾经就职公司, 2002-2012：英国知名零售品牌Accessorize<-新加坡国际酒店集团用品供应<-中国宝时得(科技) <- 中国银行<- 巴黎欧莱雅
回顾过去20多年里的工作经历，每一段都非常可贵，也造就了现在的我。保险理财行业，是我至今从业时间最久的行业。在新加坡友邦的10年期间，我经历过最初三年保险新人的痛苦挣扎期，无数次被拒绝的陌生拜访和路演，让我留下过很多汗水和眼泪。最终，我的长期努力和坚持，获得了顾客的信任和支持，也正是因为每一份附上郑重签名的白纸黑字，都是一份长远的承诺，鼓励着我继续勇往直前。
2023年4月，我取得了国际金融理财师的资格证书，12月我告别新加坡友邦，加入新加坡最大的独立理财公司，成为一名独立理财顾问。我作出这个决定的初衷，就是想更好地运用我深耕10年的保险理财行业的经验，在更大的平台上，为更多有需要的人们服务。独立理财公司有着更广大的保险、投资合作平台，从而能够让我真正做到从顾客需求出发，提供更中立、更全方位的理财方案，这点跟我的长期职业愿景相符。我深知，独立理财顾问的路，前期需要付出更多的努力，而我也正在接受着挑战，并且愿意为之奋斗终身。
作为一名职业女性，同时也是两个孩子的母亲，我深知每一位女性的“超能力”，都源于她们对工作和家庭的全心付出。我特别希望能为职业女性和母亲们提供最大的帮助和支持，共同分享生活中独特的喜怒哀乐。我也希望通过我十多年的财务规划实战经验，帮助职业女性和母亲们，实现个人和家庭的财务目标。财务目标无关乎大小，重点是能够早日开启并享受这趟健康而快乐的财务规划之旅。
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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策