2-year SGS Bond
N514100H
Originally auctioned 26 Sept 2014 · Matures 01 Oct 2019 · matured left
Latest cutoff yield
1.43%
Auctioned 27 Sept 2017 (reopening) · median 1.39%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$7.1B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Sept 2017 | reopen | 1.43% | 1.39% | 1.79 | S$2.4B |
| 28 Jun 2016 | reopen | 1.17% | 1.11% | 1.95 | S$1.8B |
| 26 Sept 2014 | new issue | 1.65% | 1.58% | 1.77 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.43% cutoff is 7 bp higher than the previous 2-year SGS auction (NX09100W, 1.36% on 26 Jan 2017).
- Price vs par: The bond cleared at S$100.39 per S$100 face value — a premium, because the 1.63% fixed coupon is above the 1.43% 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 26 Sept 2014. 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.