2-year SGS Bond
N516100Z
Originally auctioned 28 Sept 2016 · Matures 01 Oct 2021 · matured left
Latest cutoff yield
1.66%
Auctioned 26 Sept 2019 (reopening) · median 1.61%
Issue details
- Fixed coupon:
- 1.25% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$9.1B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Sept 2019 | reopen | 1.66% | 1.61% | 2.01 | S$3.0B |
| 29 May 2019 | reopen | 1.94% | 1.90% | 2.02 | S$2.9B |
| 27 Oct 2017 | reopen | 1.77% | 1.74% | 2.31 | S$1.0B |
| 28 Sept 2016 | new issue | 1.32% | 1.29% | 2.09 | S$2.2B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.66% cutoff is 28 bp lower than the prior reopening of this issue (1.94% on 29 May 2019).
- Price vs par: The bond cleared at S$99.20 per S$100 face value — a discount, because the 1.25% fixed coupon is below the 1.66% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 3 times since the original auction on 28 Sept 2016. 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 (1.25% 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.