2-year SGS Bond
N204100E
Originally auctioned 28 Jan 2004 · Matures 01 Feb 2006 · matured left
Latest cutoff yield
1.08%
Auctioned 28 Jan 2004 (original issue) · median 0.00%
Issue details
- Fixed coupon:
- 1.00% · paid 01 Aug / 01 Feb
- Tenor:
- 2 years
- Outstanding:
- S$2.7B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jan 2004 | new issue | 1.08% | 0.00% | 1.90 | S$2.7B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.08% cutoff is 10 bp lower than the previous 2-year SGS auction (N798100A, 1.18% on 29 Jul 2003).
- Price vs par: The bond cleared at S$99.84 per S$100 face value — a discount, because the 1.00% fixed coupon is below the 1.08% market yield. The lower price compensates for the smaller coupon.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (1.00% in this issue's case) semi-annually on face value until maturity. The cutoff yield is what the auction priced at — it reflects the market's required return and changes at each reopening. Holding to maturity returns face value; selling earlier in the secondary market exposes you to price fluctuation as rates move.
Learn more
- The full SG retail fixed-income landscape — where SGS bonds sit alongside SSB, T-bills, FDs, MMFs, and CPF.
- Singapore T-bill auctions explained — same MAS uniform-price auction format applies to SGS bonds.
- SSB vs T-bill — the broader retail-bond decision framework, with SGS noted as the long-tenor option.