2-year SGS Bond
N508100V
Originally auctioned 27 Mar 2008 · Matures 01 Apr 2013 · matured left
Latest cutoff yield
0.50%
Auctioned 27 Jan 2011 (reopening) · median 0.48%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$5.2B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2011 | reopen | 0.50% | 0.48% | 2.03 | S$2.7B |
| 27 Mar 2008 | new issue | 1.65% | 0.00% | 1.62 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.50% cutoff is 2 bp lower than the previous 2-year SGS auction (N507101E, 0.52% on 28 Jun 2010).
- Price vs par: The bond cleared at S$102.97 per S$100 face value — a premium, because the 1.63% fixed coupon is above the 0.50% 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 27 Mar 2008. 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.