2-year SGS Bond
N503100S
Originally auctioned 18 Mar 2003 · Matures 01 Apr 2008 · matured left
Latest cutoff yield
3.19%
Auctioned 29 Mar 2006 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 1.50% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$3.8B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Mar 2006 | reopen | 3.19% | 0.00% | 2.10 | S$1.0B |
| 18 Mar 2003 | new issue | 1.56% | 0.00% | 1.42 | S$2.8B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.19% cutoff is 115 bp higher than the previous 2-year SGS auction (N502100H, 2.04% on 27 Jul 2005).
- Price vs par: The bond cleared at S$96.77 per S$100 face value — a discount, because the 1.50% fixed coupon is below the 3.19% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 18 Mar 2003. 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 (1.50% 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.