7-year SGS Bond
N797100E
Originally auctioned 11 Nov 1997 · Matures 15 Nov 2004 · matured left
Latest cutoff yield
4.85%
Auctioned 21 Jul 1998 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 5.13% · paid 15 May / 15 Nov
- Tenor:
- 7 years
- Outstanding:
- S$1.5B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 21 Jul 1998 | reopen | 4.85% | 0.00% | 1.74 | S$400M |
| 02 Mar 1998 | reopen | 4.23% | 0.00% | 2.14 | S$400M |
| 11 Nov 1997 | new issue | 5.55% | 0.00% | 1.43 | S$700M |
7-year SGS cutoff yield history
Latest auction in context
- Yield change: The 4.85% cutoff is 62 bp higher than the prior reopening of this issue (4.23% on 02 Mar 1998).
- Price vs par: The bond cleared at S$102.54 per S$100 face value — a premium, because the 5.13% fixed coupon is above the 4.85% 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 11 Nov 1997. 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 (5.13% 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.