5-year SGS Bond
N524100X
Originally auctioned 26 Mar 2024 · Matures 01 Apr 2029 · 2y 11m left
Latest cutoff yield
2.05%
Auctioned 28 May 2025 (reopening) · median 1.99%
Issue details
- Fixed coupon:
- 3.00% · paid 01 Apr / 01 Oct
- Tenor:
- 5 years
- Outstanding:
- S$5.4B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 May 2025 | reopen | 2.05% | 1.99% | 2.01 | S$2.6B |
| 26 Mar 2024 | new issue | 3.06% | 2.95% | 1.94 | S$2.8B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.05% cutoff is 56 bp lower than the previous 5-year SGS auction (N525100T, 2.61% on 26 Mar 2025).
- Price vs par: The bond cleared at S$103.99 per S$100 face value — a premium, because the 3.00% fixed coupon is above the 2.05% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Mar 2024. 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 (3.00% 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.