7-year SGS Bond
N796100F
Originally auctioned 18 Jun 1996 · Matures 15 Jun 2003 · matured left
Latest cutoff yield
3.45%
Auctioned 26 Nov 1996 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 2.50% · paid 15 Dec / 15 Jun
- Tenor:
- 7 years
- Outstanding:
- S$900M
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Nov 1996 | reopen | 3.45% | 0.00% | 1.87 | S$200M |
| 25 Jun 1996 | reopen | 2.55% | 0.00% | 2.46 | S$200M |
| 18 Jun 1996 | new issue | 2.64% | 0.00% | 2.31 | S$500M |
7-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.45% cutoff is 90 bp higher than the prior reopening of this issue (2.55% on 25 Jun 1996).
- Price vs par: The bond cleared at S$95.61 per S$100 face value — a discount, because the 2.50% fixed coupon is below the 3.45% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 18 Jun 1996. 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 (2.50% 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.