2-year SGS Bond
N522100N
Originally auctioned 29 Aug 2022 · Matures 01 Sept 2027 · 1y 4m left
Latest cutoff yield
1.67%
Auctioned 29 Jul 2025 (reopening) · median 1.60%
Issue details
- Fixed coupon:
- 2.88% · paid 01 Mar / 01 Sep
- Tenor:
- 2 years
- Outstanding:
- S$7.4B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jul 2025 | reopen | 1.67% | 1.60% | 2.59 | S$2.9B |
| 27 Feb 2024 | reopen | 3.09% | 3.03% | 1.81 | S$1.5B |
| 29 Aug 2022 | new issue | 2.92% | 2.80% | 1.71 | S$3.0B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.67% cutoff is 115 bp lower than the previous 2-year SGS auction (NZ07100S, 2.82% on 27 Jan 2025).
- Price vs par: The bond cleared at S$103.65 per S$100 face value — a premium, because the 2.88% fixed coupon is above the 1.67% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 2 times since the original auction on 29 Aug 2022. 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 (2.88% 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.