5-year SGS Bond
NX21100N
Originally auctioned 28 Jun 2021 · Matures 01 Jul 2031 · 4y 11m left
Latest cutoff yield
1.75%
Auctioned 26 Jun 2026 (reopening) · median 1.74%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Jul / 01 Jan
- Tenor:
- 5 years
- Outstanding:
- S$9.5B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Jun 2026 | reopen | 1.75% | 1.74% | 2.19 | S$3.2B |
| 24 Feb 2022 | reopen | 1.89% | 1.88% | 2.30 | S$3.1B |
| 28 Jun 2021 | new issue | 1.63% | 1.60% | 2.21 | S$3.2B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.75% cutoff is 14 bp higher than the previous 5-year SGS auction (N525100T, 1.61% on 28 Jan 2026).
- Price vs par: The bond cleared at S$99.40 per S$100 face value — a discount, because the 1.63% fixed coupon is below the 1.75% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 28 Jun 2021. 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 (1.63% 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.
Frequently asked questions
- When does NX21100N mature?
- NX21100N matures on 01 Jul 2031. At maturity, holders receive the full face value of S$1,000 per bond, plus the final semi-annual coupon.
- What is the coupon rate for NX21100N?
- NX21100N pays a fixed coupon of 1.63% per year, paid semi-annually. The coupon rate is set at the original auction and does not change for reopenings — reopening auctions adjust the issue price instead to reflect prevailing yields.
- How does NX21100N's coupon compare to the current 5-year SGS benchmark yield?
- NX21100N's fixed coupon of 1.63% is 30 bp below the current 5-year SGS benchmark of 1.93% (as of 16 Jul 2026). When the benchmark yield rises above an existing bond's coupon, that bond trades below par on the secondary market; when it falls below the coupon, the bond trades above par.
- How is SGS interest taxed for individuals?
- SGS bonds are Qualifying Debt Securities (QDS) under IRAS. Interest income from SGS held by individuals is tax-exempt in Singapore. See iras.gov.sg for the full QDS scheme conditions.
- Where can I buy NX21100N?
- NX21100N has already been issued (most recent auction 26 Jun 2026). It can be bought or sold on the SGX secondary market through a stockbroker with CDP access. New SGS bonds are issued via MAS primary auctions — see /sgs/ for the current calendar.
Explore more
Other 5-year SGS
- ← N525100T — 1.61% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26080T — 1.46% year 1
- Latest 6-mo T-bill: BS26114W — 1.55% cutoff
- Compare SSB · T-bill · SGS →