2-year SGS Bond
N518100E
Originally auctioned 29 Jan 2018 · Matures 01 Feb 2023 · matured left
Latest cutoff yield
0.41%
Auctioned 24 Feb 2021 (reopening) · median 0.38%
Issue details
- Fixed coupon:
- 1.75% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$10.0B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 24 Feb 2021 | reopen | 0.41% | 0.38% | 2.08 | S$2.8B |
| 28 Apr 2020 | reopen | 0.54% | 0.50% | 2.19 | S$2.3B |
| 27 Mar 2019 | reopen | 1.93% | 1.89% | 2.09 | S$2.0B |
| 29 Jan 2018 | new issue | 1.86% | 1.83% | 1.97 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.41% cutoff is 9 bp higher than the previous 2-year SGS auction (NY07100X, 0.32% on 27 Aug 2020).
- Price vs par: The bond cleared at S$102.70 per S$100 face value — a premium, because the 1.75% fixed coupon is above the 0.41% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 3 times since the original auction on 29 Jan 2018. 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 (1.75% 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.