2-year SGS Bond

N798100A

Originally auctioned 20 Oct 1998 · Matures 15 Oct 2005 · matured left

Latest cutoff yield

1.18%

Auctioned 29 Jul 2003 (reopening) · median 0.00%

Issue details

Fixed coupon:: 4.38% · paid 15 Apr / 15 Oct
Tenor:: 2 years
Outstanding:: S$3.6B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
29 Jul 2003	reopen	1.18%	0.00%	3.28	S$200M
29 Jan 2001	reopen	3.27%	0.00%	2.31	S$1.8B
26 Aug 1999	reopen	4.34%	0.00%	2.74	S$300M
16 Mar 1999	reopen	4.06%	0.00%	2.52	S$400M
20 Oct 1998	new issue	4.45%	0.00%	3.41	S$900M

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 1.18% cutoff is 18 bp higher than the previous 2-year SGS auction (N500100X, 1.00% on 29 Jan 2003).
Price vs par: The bond cleared at S$108.22 per S$100 face value — a premium, because the 4.38% fixed coupon is above the 1.18% market yield. Buyers pay more upfront for the higher coupon stream.
Issue history: This issue has been reopened 4 times since the original auction on 20 Oct 1998. 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 (4.38% 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.