2-year SGS Bond
NY03100A
Originally auctioned 27 Aug 2003 · Matures 01 Sep 2018 · matured left
Latest cutoff yield
0.88%
Auctioned 29 Aug 2016 (reopening) · median 0.83%
Issue details
- Fixed coupon:
- 4.00% · paid 01 Sep / 01 Mar
- Tenor:
- 2 years
- Outstanding:
- S$6.8B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Aug 2016 | reopen | 0.88% | 0.83% | 2.29 | S$2.2B |
| 28 May 2008 | reopen | 3.50% | — | 1.35 | S$2.2B |
| 27 Aug 2004 | reopen | 3.85% | — | 2.52 | S$900M |
| 27 Aug 2003 | new issue | 4.08% | — | 1.91 | S$1.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.88% cutoff is 29 bp lower than the previous 2-year SGS auction (N514100H, 1.17% on 28 Jun 2016).
- Price vs par: The bond cleared at S$106.17 per S$100 face value — a premium, because the 4.00% fixed coupon is above the 0.88% 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 27 Aug 2003. 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 (4.00% 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 NY03100A mature?
- NY03100A matures on 01 Sep 2018. 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 NY03100A?
- NY03100A pays a fixed coupon of 4.00% 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 NY03100A's coupon compare to the current 2-year SGS benchmark yield?
- NY03100A's fixed coupon of 4.00% is 213 bp above the current 2-year SGS benchmark of 1.87% (as of 15 Oct 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 NY03100A?
- NY03100A has already been issued (most recent auction 29 Aug 2016). 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 2-year SGS
- ← N513100T — 0.96% cutoff
- NX09100W → — 1.36% cutoff
- Latest 2-year: N524100X — 1.84% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26110X — 1.67% year 1
- Latest 6-mo T-bill: BS26120W — 1.90% cutoff
- Compare SSB · T-bill · SGS →