5-year SGS Bond
N523100W
Originally auctioned 27 Jul 2023 · Matures 01 Aug 2028 · 2y 3m left
Latest cutoff yield
3.22%
Auctioned 26 Jun 2024 (reopening) · median 3.18%
Issue details
- Fixed coupon:
- 2.88% · paid 01 Feb / 01 Aug
- Tenor:
- 5 years
- Outstanding:
- S$5.1B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Jun 2024 | reopen | 3.22% | 3.18% | 2.01 | S$2.6B |
| 27 Jul 2023 | new issue | 2.96% | 2.90% | 2.59 | S$2.5B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.22% cutoff is 16 bp higher than the previous 5-year SGS auction (N524100X, 3.06% on 26 Mar 2024).
- Price vs par: The bond cleared at S$99.88 per S$100 face value — a discount, because the 2.88% fixed coupon is below the 3.22% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 27 Jul 2023. 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.