2-year SGS Bond
N520100A
Originally auctioned 28 Oct 2020 · Matures 01 Nov 2025 · matured left
Latest cutoff yield
3.56%
Auctioned 29 Aug 2023 (reopening) · median 3.54%
Issue details
- Fixed coupon:
- 0.50% · paid 01 May / 01 Nov
- Tenor:
- 2 years
- Outstanding:
- S$8.4B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Aug 2023 | reopen | 3.56% | 3.54% | 2.53 | S$2.5B |
| 28 Jul 2021 | reopen | 0.69% | 0.66% | 1.97 | S$3.0B |
| 28 Oct 2020 | new issue | 0.51% | 0.48% | 2.29 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.56% cutoff is 10 bp lower than the previous 2-year SGS auction (NX15100Z, 3.66% on 24 Feb 2023).
- Price vs par: The bond cleared at S$93.87 per S$100 face value — a discount, because the 0.50% fixed coupon is below the 3.56% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 28 Oct 2020. 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 (0.50% 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.