2-year SGS Bond
N515100S
Originally auctioned 26 Jun 2015 · Matures 01 Jul 2020 · matured left
Latest cutoff yield
1.96%
Auctioned 27 Mar 2018 (reopening) · median 1.94%
Issue details
- Fixed coupon:
- 2.00% · paid 01 Jan / 01 Jul
- Tenor:
- 2 years
- Outstanding:
- S$5.5B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Mar 2018 | reopen | 1.96% | 1.94% | 1.95 | S$2.7B |
| 26 Jun 2015 | new issue | 2.03% | 1.95% | 1.42 | S$2.8B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.96% cutoff is 53 bp higher than the previous 2-year SGS auction (N514100H, 1.43% on 27 Sept 2017).
- Price vs par: The bond cleared at S$100.59 per S$100 face value — a premium, because the 2.00% fixed coupon is above the 1.96% 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 26 Jun 2015. 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 (2.00% 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.