2-year SGS Bond
N519100A
Originally auctioned 29 Jan 2019 · Matures 01 Feb 2024 · matured left
Latest cutoff yield
2.00%
Auctioned 27 Apr 2022 (reopening) · median 1.95%
Issue details
- Fixed coupon:
- 2.00% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$9.9B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Apr 2022 | reopen | 2.00% | 1.95% | 1.86 | S$2.9B |
| 28 Sept 2021 | reopen | 0.58% | 0.53% | 1.63 | S$2.8B |
| 27 May 2021 | reopen | 0.46% | 0.43% | 2.03 | S$1.3B |
| 29 Jan 2019 | new issue | 2.06% | 2.03% | 2.08 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.00% cutoff is 142 bp higher than the prior reopening of this issue (0.58% on 28 Sept 2021).
- Price vs par: The bond cleared at S$100.51 per S$100 face value — a premium, because the 2.00% fixed coupon is above the 2.00% 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 2019. 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.