2-year SGS Bond
NY03100A
Originally auctioned 27 Aug 2003 · Matures 01 Sept 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% | 0.00% | 1.35 | S$2.2B |
| 27 Aug 2004 | reopen | 3.85% | 0.00% | 2.52 | S$900M |
| 27 Aug 2003 | new issue | 4.08% | 0.00% | 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.
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.