2-year SGS Bond

NX15100Z

Originally auctioned 27 May 2015 · Matures 01 Jun 2025 · matured left

Latest cutoff yield

3.66%

Auctioned 24 Feb 2023 (reopening) · median 3.49%

Issue details

Fixed coupon:: 2.38% · paid 01 Dec / 01 Jun
Tenor:: 2 years
Outstanding:: S$11.7B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
24 Feb 2023	reopen	3.66%	3.49%	1.70	S$3.2B
27 May 2022	reopen	2.33%	2.30%	2.15	S$2.1B
26 Jun 2020	reopen	0.58%	0.52%	2.04	S$2.5B
27 Jul 2017	reopen	1.95%	1.94%	2.55	S$1.3B
27 May 2015	new issue	2.42%	2.35%	1.57	S$2.6B

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 3.66% cutoff is 96 bp higher than the previous 2-year SGS auction (NY09100H, 2.70% on 28 Jun 2022).
Price vs par: The bond cleared at S$97.83 per S$100 face value — a discount, because the 2.38% fixed coupon is below the 3.66% market yield. The lower price compensates for the smaller coupon.
Issue history: This issue has been reopened 4 times since the original auction on 27 May 2015. 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 (2.38% 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.