2-year SGS Bond
N215100F
Originally auctioned 28 Sept 2015 · Matures 01 Oct 2017 · matured left
Latest cutoff yield
1.45%
Auctioned 28 Sept 2015 (original issue) · median 1.30%
Issue details
- Fixed coupon:
- 1.38% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$2.5B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Sept 2015 | new issue | 1.45% | 1.30% | 1.86 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.45% cutoff is 24 bp higher than the previous 2-year SGS auction (N513100T, 1.21% on 28 Apr 2015).
- Price vs par: The bond cleared at S$99.85 per S$100 face value — a discount, because the 1.38% fixed coupon is below the 1.45% 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 (1.38% 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.