2-year SGS Bond
N205100A
Originally auctioned 27 Jan 2005 · Matures 01 Feb 2007 · matured left
Latest cutoff yield
1.80%
Auctioned 27 Jan 2005 (original issue) · median 0.00%
Issue details
- Fixed coupon:
- 1.75% · paid 01 Aug / 01 Feb
- Tenor:
- 2 years
- Outstanding:
- S$2.6B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2005 | new issue | 1.80% | 0.00% | 1.87 | S$2.6B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.80% cutoff is 36 bp higher than the previous 2-year SGS auction (N204101F, 1.44% on 28 Jul 2004).
- Price vs par: The bond cleared at S$99.90 per S$100 face value — a discount, because the 1.75% fixed coupon is below the 1.80% 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 (1.75% 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.