2-year SGS Bond
NX18100A
Originally auctioned 26 Apr 2018 · Matures 01 May 2028 · 2y left
Latest cutoff yield
1.40%
Auctioned 25 Feb 2026 (reopening) · median 1.34%
Issue details
- Fixed coupon:
- 2.63% · paid 01 Nov / 01 May
- Tenor:
- 2 years
- Outstanding:
- S$11.1B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 25 Feb 2026 | reopen | 1.40% | 1.34% | 1.89 | S$3.3B |
| 26 Apr 2023 | reopen | 2.77% | 2.75% | 2.73 | S$2.4B |
| 26 Apr 2019 | reopen | 2.20% | 2.15% | 1.83 | S$2.4B |
| 26 Apr 2018 | new issue | 2.65% | 2.61% | 1.67 | S$3.0B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.40% cutoff is 27 bp lower than the previous 2-year SGS auction (N522100N, 1.67% on 29 Jul 2025).
- Price vs par: The bond cleared at S$103.48 per S$100 face value — a premium, because the 2.63% fixed coupon is above the 1.40% 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 26 Apr 2018. 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 (2.63% 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.