2-year SGS Bond

NY01100F

Originally auctioned 27 Aug 2001 · Matures 01 Sept 2016 · matured left

Latest cutoff yield

0.51%

Auctioned 27 Aug 2014 (reopening) · median 0.47%

Issue details

Fixed coupon:: 3.75% · paid 01 Sep / 01 Mar
Tenor:: 2 years
Outstanding:: S$7.7B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
27 Aug 2014	reopen	0.51%	0.47%	1.97	S$2.3B
28 May 2007	reopen	2.80%	0.00%	1.70	S$1.3B
24 Feb 2006	reopen	3.45%	0.00%	2.16	S$1.1B
28 Aug 2002	reopen	3.99%	0.00%	1.77	S$800M
27 Aug 2001	new issue	3.87%	0.00%	1.92	S$2.2B

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 0.51% cutoff is 1 bp lower than the previous 2-year SGS auction (N511100W, 0.52% on 27 Mar 2014).
Price vs par: The bond cleared at S$106.44 per S$100 face value — a premium, because the 3.75% fixed coupon is above the 0.51% market yield. Buyers pay more upfront for the higher coupon stream.
Issue history: This issue has been reopened 4 times since the original auction on 27 Aug 2001. 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 (3.75% 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.