2-year SGS Bond

NX16100F

Originally auctioned 27 May 2016 · Matures 01 Jun 2026 · 1m left

Latest cutoff yield

3.04%

Auctioned 29 Jan 2024 (reopening) · median 2.99%

Issue details

Fixed coupon:: 2.13% · paid 01 Dec / 01 Jun
Tenor:: 2 years
Outstanding:: S$11.5B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
29 Jan 2024	reopen	3.04%	2.99%	3.20	S$3.0B
27 May 2021	reopen	0.89%	0.86%	2.04	S$2.9B
29 Oct 2019	reopen	1.73%	1.68%	1.86	S$1.4B
27 Jul 2018	reopen	2.40%	2.37%	2.22	S$1.7B
27 May 2016	new issue	2.15%	2.10%	1.71	S$2.5B

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 3.04% cutoff is 52 bp lower than the previous 2-year SGS auction (N520100A, 3.56% on 29 Aug 2023).
Price vs par: The bond cleared at S$98.31 per S$100 face value — a discount, because the 2.13% fixed coupon is below the 3.04% 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 2016. 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 (2.13% 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.