2-year SGS Bond
N521100V
Originally auctioned 27 Oct 2021 · Matures 01 Nov 2026 · 1m 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.
Frequently asked questions
- When does N521100V mature?
- N521100V matures on 01 Nov 2026. At maturity, holders receive the full face value of S$1,000 per bond, plus the final semi-annual coupon.
- What is the coupon rate for N521100V?
- N521100V pays a fixed coupon of 1.25% per year, paid semi-annually. The coupon rate is set at the original auction and does not change for reopenings — reopening auctions adjust the issue price instead to reflect prevailing yields.
- How does N521100V's coupon compare to the current 2-year SGS benchmark yield?
- N521100V's fixed coupon of 1.25% is 62 bp below the current 2-year SGS benchmark of 1.87% (as of 15 Oct 2026). When the benchmark yield rises above an existing bond's coupon, that bond trades below par on the secondary market; when it falls below the coupon, the bond trades above par.
- How is SGS interest taxed for individuals?
- SGS bonds are Qualifying Debt Securities (QDS) under IRAS. Interest income from SGS held by individuals is tax-exempt in Singapore. See iras.gov.sg for the full QDS scheme conditions.
- Where can I buy N521100V?
- N521100V has already been issued (most recent auction 29 May 2024). It can be bought or sold on the SGX secondary market through a stockbroker with CDP access. New SGS bonds are issued via MAS primary auctions — see /sgs/ for the current calendar.
Explore more
Other 2-year SGS
- ← NX16100F — 3.04% cutoff
- NZ07100S → — 2.82% cutoff
- Latest 2-year: N524100X — 1.84% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26110X — 1.67% year 1
- Latest 6-mo T-bill: BS26120W — 1.90% cutoff
- Compare SSB · T-bill · SGS →