5-year SGS Bond
NX11100X
Originally auctioned 27 May 2011 · Matures 01 Jun 2021 · matured left
Latest cutoff yield
2.03%
Auctioned 27 Jan 2016 (reopening) · median 1.98%
Issue details
- Fixed coupon:
- 2.25% · paid 01 Dec / 01 Jun
- Tenor:
- 5 years
- Outstanding:
- S$8.0B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2016 | reopen | 2.03% | 1.98% | 1.97 | S$2.1B |
| 28 May 2014 | reopen | 1.95% | 1.92% | 2.38 | S$1.6B |
| 29 May 2013 | reopen | 1.79% | 1.65% | 1.44 | S$1.6B |
| 27 May 2011 | new issue | 2.34% | 2.32% | 2.12 | S$2.7B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.03% cutoff is unchanged from the previous 5-year SGS auction (N515100S, 2.03% on 26 Jun 2015).
- Price vs par: The bond cleared at S$101.49 per S$100 face value — a premium, because the 2.25% fixed coupon is above the 2.03% 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 27 May 2011. 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 (2.25% 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.