Accrued interest is the interest that has accumulated since a bond’s previous coupon payment. For SGS bonds, the interest generally accrues from the previous coupon date (inclusive) to the settlement date (exclusive).

You may have to pay accrued interest when you buy an SGS bond in the secondary market, or when you buy a reopened bond at an auction. Similarly, you may receive accrued interest when you sell a bond.

The “dirty price” is the price that buyers will pay for an SGS bond. The “dirty price” is the “clean price” plus the accrued interest. 

You can use the SGS Bond Calculator to estimate the accrued interest and “dirty price” of an SGS bond. 

Note: In the case of Singapore Savings Bonds, you will receive accrued interest when you redeem the bond early.