7-year SGS Bond
NX02100S
Originally auctioned 26 Jun 2002 · Matures 01 Jul 2012 · matured left
Latest cutoff yield
2.45%
Auctioned 28 Jun 2005 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 3.50% · paid 01 Jan / 01 Jul
- Tenor:
- 7 years
- Outstanding:
- S$3.4B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jun 2005 | reopen | 2.45% | 0.00% | 2.54 | S$1.4B |
| 26 Jun 2002 | new issue | 3.59% | 0.00% | 1.80 | S$2.0B |
7-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.45% cutoff is 50 bp lower than the previous 7-year SGS auction (NX01100H, 2.95% on 25 Feb 2004).
- Price vs par: The bond cleared at S$106.72 per S$100 face value — a premium, because the 3.50% fixed coupon is above the 2.45% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Jun 2002. 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 (3.50% 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.