5-year SGS Bond
N594101A
Originally auctioned 11 Oct 1994 · Matures 15 Oct 1999 · matured left
Latest cutoff yield
3.95%
Auctioned 11 Oct 1994 (original issue) · median 0.00%
Issue details
- Fixed coupon:
- 3.88% · paid 15 Apr / 15 Oct
- Tenor:
- 5 years
- Outstanding:
- S$850M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 11 Oct 1994 | new issue | 3.95% | 0.00% | 1.94 | S$850M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.95% cutoff is 65 bp higher than the previous 5-year SGS auction (N594100V, 3.30% on 25 Jan 1994).
- Price vs par: The bond cleared at S$99.66 per S$100 face value — a discount, because the 3.88% fixed coupon is below the 3.95% market yield. The lower price compensates for the smaller coupon.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (3.88% 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.