2-year SGS Bond
N293101V
Originally auctioned 03 Aug 1993 · Matures 01 Aug 1995 · matured left
Latest cutoff yield
2.93%
Auctioned 23 May 1994 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$1.0B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 23 May 1994 | reopen | 2.93% | 0.00% | 1.94 | S$150M |
| 12 Oct 1993 | reopen | 1.48% | 0.00% | 2.17 | S$300M |
| 03 Aug 1993 | new issue | 1.70% | 0.00% | 2.06 | S$550M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.93% cutoff is 145 bp higher than the prior reopening of this issue (1.48% on 12 Oct 1993).
- Price vs par: The bond cleared at S$99.00 per S$100 face value — a discount, because the 1.63% fixed coupon is below the 2.93% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 03 Aug 1993. Reopenings add to the same line — same coupon, same maturity — but reprice at each auction's cutoff yield.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (1.63% 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.