2-year SGS Bond
NX99100S
Originally auctioned 07 Jan 1999 · Matures 15 Jan 2009 · matured left
Latest cutoff yield
3.03%
Auctioned 29 Jan 2007 (reopening) · median 0.00%
Issue details
- Fixed coupon:
- 4.38% · paid 15 Jan / 15 Jul
- Tenor:
- 2 years
- Outstanding:
- S$6.0B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jan 2007 | reopen | 3.03% | 0.00% | 1.91 | S$1.7B |
| 18 Mar 2004 | reopen | 2.10% | 0.00% | 1.65 | S$1.3B |
| 26 Sept 2003 | reopen | 2.52% | 0.00% | 2.14 | S$800M |
| 29 Jan 2002 | reopen | 3.71% | 0.00% | 1.74 | S$700M |
| 13 Jul 1999 | reopen | 4.61% | 0.00% | 2.22 | S$600M |
| 07 Jan 1999 | new issue | 4.50% | 0.00% | 2.88 | S$900M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.03% cutoff is 10 bp lower than the previous 2-year SGS auction (NX98100H, 3.13% on 27 Jul 2006).
- Price vs par: The bond cleared at S$102.74 per S$100 face value — a premium, because the 4.38% fixed coupon is above the 3.03% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 5 times since the original auction on 07 Jan 1999. 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 (4.38% 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.