2-year SGS Bond
N506100E
Originally auctioned 25 Jan 2006 · Matures 01 Feb 2011 · matured left
Latest cutoff yield
0.65%
Auctioned 28 Jan 2009 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 3.13% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$4.7B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jan 2009 | reopen | 0.65% | 0.00% | 2.23 | S$2.3B |
| 25 Jan 2006 | new issue | 3.15% | 0.00% | 1.99 | S$2.4B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.65% cutoff is 40 bp lower than the previous 2-year SGS auction (NX00100T, 1.05% on 29 Jul 2008).
- Price vs par: The bond cleared at S$104.91 per S$100 face value — a premium, because the 3.13% fixed coupon is above the 0.65% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 25 Jan 2006. 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 (3.13% 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.