2-year SGS Bond
N500100X
Originally auctioned 27 Jan 2000 · Matures 01 Feb 2005 · matured left
Latest cutoff yield
1.00%
Auctioned 29 Jan 2003 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 4.00% · paid 01 Aug / 01 Feb
- Tenor:
- 2 years
- Outstanding:
- S$4.6B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jan 2003 | reopen | 1.00% | 0.00% | 2.40 | S$1.0B |
| 29 Oct 2002 | reopen | 1.34% | 0.00% | 2.67 | S$1.1B |
| 28 Jul 2000 | reopen | 3.87% | 0.00% | 1.87 | S$1.3B |
| 27 Jan 2000 | new issue | 4.10% | 0.00% | 2.37 | S$1.2B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.00% cutoff is 34 bp lower than the prior reopening of this issue (1.34% on 29 Oct 2002).
- Price vs par: The bond cleared at S$105.94 per S$100 face value — a premium, because the 4.00% fixed coupon is above the 1.00% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 3 times since the original auction on 27 Jan 2000. 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 (4.00% 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.