2-year SGS Bond
N521100V
Originally auctioned 27 Oct 2021 · Matures 01 Nov 2026 · 6m left
Latest cutoff yield
3.46%
Auctioned 29 May 2024 (reopening) · median 3.38%
Issue details
- Fixed coupon:
- 1.25% · paid 01 May / 01 Nov
- Tenor:
- 2 years
- Outstanding:
- S$10.1B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 May 2024 | reopen | 3.46% | 3.38% | 2.08 | S$2.9B |
| 29 May 2023 | reopen | 3.19% | 3.10% | 2.12 | S$2.0B |
| 27 Jan 2022 | reopen | 1.62% | 1.59% | 2.93 | S$2.7B |
| 27 Oct 2021 | new issue | 1.37% | 1.30% | 1.99 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.46% cutoff is 42 bp higher than the previous 2-year SGS auction (NX16100F, 3.04% on 29 Jan 2024).
- Price vs par: The bond cleared at S$95.04 per S$100 face value — a discount, because the 1.25% fixed coupon is below the 3.46% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 3 times since the original auction on 27 Oct 2021. 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.