2-year SGS Bond
N710100Z
Originally auctioned 29 Mar 2010 · Matures 01 Apr 2017 · matured left
Latest cutoff yield
0.86%
Auctioned 28 Jan 2015 (reopening) · median 0.68%
Issue details
- Fixed coupon:
- 2.38% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$7.5B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jan 2015 | reopen | 0.86% | 0.68% | 1.61 | S$3.0B |
| 27 Feb 2012 | reopen | 0.68% | 0.61% | 1.97 | S$2.3B |
| 29 Mar 2010 | new issue | 2.38% | 2.31% | 1.78 | S$2.2B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.86% cutoff is 35 bp higher than the previous 2-year SGS auction (NY01100F, 0.51% on 27 Aug 2014).
- Price vs par: The bond cleared at S$104.04 per S$100 face value — a premium, because the 2.38% fixed coupon is above the 0.86% 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 Mar 2010. 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 (2.38% 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.