2-year SGS Bond
N511100W
Originally auctioned 29 Mar 2011 · Matures 01 Apr 2016 · matured left
Latest cutoff yield
0.52%
Auctioned 27 Mar 2014 (reopening) · median 0.47%
Issue details
- Fixed coupon:
- 1.13% · paid 01 Apr / 01 Oct
- Tenor:
- 2 years
- Outstanding:
- S$7.3B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Mar 2014 | reopen | 0.52% | 0.47% | 1.48 | S$2.3B |
| 26 Sept 2013 | reopen | 0.42% | 0.38% | 1.85 | S$2.5B |
| 29 Mar 2011 | new issue | 1.20% | 1.15% | 1.91 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.52% cutoff is 10 bp higher than the prior reopening of this issue (0.42% on 26 Sept 2013).
- Price vs par: The bond cleared at S$101.20 per S$100 face value — a premium, because the 1.13% fixed coupon is above the 0.52% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 2 times since the original auction on 29 Mar 2011. 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 (1.13% 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.