2-year SGS Bond
N513100T
Originally auctioned 26 Mar 2013 · Matures 01 Apr 2018 · matured left
Latest cutoff yield
0.96%
Auctioned 29 Mar 2016 (reopening) · median 0.90%
Issue details
- Fixed coupon:
- 0.50% · paid 01 Apr / 01 Oct
- Tenor:
- 2 years
- Outstanding:
- S$6.7B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Mar 2016 | reopen | 0.96% | 0.90% | 2.25 | S$2.6B |
| 28 Apr 2015 | reopen | 1.21% | 1.17% | 1.86 | S$1.0B |
| 26 Mar 2013 | new issue | 0.57% | 0.48% | 1.70 | S$3.1B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.96% cutoff is 49 bp lower than the previous 2-year SGS auction (N215100F, 1.45% on 28 Sept 2015).
- Price vs par: The bond cleared at S$99.09 per S$100 face value — a discount, because the 0.50% fixed coupon is below the 0.96% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 26 Mar 2013. 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 (0.50% 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.