2-year SGS Bond

NX09100W

Originally auctioned 27 May 2009 · Matures 01 Jun 2019 · matured left

Latest cutoff yield

1.36%

Auctioned 26 Jan 2017 (reopening) · median 1.30%

Issue details

Fixed coupon:: 2.50% · paid 01 Dec / 01 Jun
Tenor:: 2 years
Outstanding:: S$8.7B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
26 Jan 2017	reopen	1.36%	1.30%	2.50	S$2.3B
28 Jan 2014	reopen	1.62%	1.52%	1.69	S$1.8B
29 May 2012	reopen	1.15%	1.10%	1.99	S$1.5B
29 Dec 2010	reopen	2.75%	2.70%	1.90	S$1.1B
27 May 2009	new issue	2.53%	0.00%	1.73	S$2.0B

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 1.36% cutoff is 48 bp higher than the previous 2-year SGS auction (NY03100A, 0.88% on 29 Aug 2016).
Price vs par: The bond cleared at S$103.03 per S$100 face value — a premium, because the 2.50% fixed coupon is above the 1.36% 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 27 May 2009. 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.