2-year SGS Bond
N599101T
Originally auctioned 18 May 1999 · Matures 15 May 2004 · matured left
Latest cutoff yield
1.79%
Auctioned 26 Mar 2002 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 3.38% · paid 15 Nov / 15 May
- Tenor:
- 2 years
- Outstanding:
- S$3.3B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Mar 2002 | reopen | 1.79% | 0.00% | 1.86 | S$1.5B |
| 12 Oct 1999 | reopen | 3.72% | 0.00% | 1.84 | S$850M |
| 18 May 1999 | new issue | 3.50% | 0.00% | 1.79 | S$900M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.79% cutoff is 4 bp higher than the previous 2-year SGS auction (N599100H, 1.75% on 25 Oct 2001).
- Price vs par: The bond cleared at S$104.56 per S$100 face value — a premium, because the 3.38% fixed coupon is above the 1.79% 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 18 May 1999. 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 (3.38% 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.