2-year SGS Bond
NX98100H
Originally auctioned 26 Jun 1998 · Matures 01 Jul 2008 · matured left
Latest cutoff yield
3.13%
Auctioned 27 Jul 2006 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 5.63% · paid 01 Jan / 01 Jul
- Tenor:
- 2 years
- Outstanding:
- S$4.8B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jul 2006 | reopen | 3.13% | 0.00% | 2.55 | S$1.2B |
| 26 Feb 2001 | reopen | 3.37% | 0.00% | 1.70 | S$2.1B |
| 26 Jun 1998 | new issue | 5.87% | 0.00% | 2.10 | S$1.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.13% cutoff is 6 bp lower than the previous 2-year SGS auction (N503100S, 3.19% on 29 Mar 2006).
- Price vs par: The bond cleared at S$105.08 per S$100 face value — a premium, because the 5.63% fixed coupon is above the 3.13% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 2 times since the original auction on 26 Jun 1998. 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 (5.63% 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.