2-year SGS Bond
NX01100H
Originally auctioned 28 Jun 2001 · Matures 01 Jul 2011 · matured left
Latest cutoff yield
0.58%
Auctioned 26 Jun 2009 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 3.63% · paid 01 Jul / 01 Jan
- Tenor:
- 2 years
- Outstanding:
- S$6.8B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Jun 2009 | reopen | 0.58% | 0.00% | 2.14 | S$2.2B |
| 29 May 2006 | reopen | 3.27% | 0.00% | 1.94 | S$1.1B |
| 25 Feb 2004 | reopen | 2.95% | 0.00% | 2.06 | S$1.2B |
| 28 Jun 2001 | new issue | 3.64% | 0.00% | 2.09 | S$2.3B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.58% cutoff is 7 bp lower than the previous 2-year SGS auction (N506100E, 0.65% on 28 Jan 2009).
- Price vs par: The bond cleared at S$106.05 per S$100 face value — a premium, because the 3.63% fixed coupon is above the 0.58% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 3 times since the original auction on 28 Jun 2001. 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 (3.63% 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.