2-year SGS Bond
NY05100N
Originally auctioned 29 Aug 2005 · Matures 01 Sept 2020 · matured left
Latest cutoff yield
1.92%
Auctioned 29 Aug 2018 (reopening) · median 1.88%
Issue details
- Fixed coupon:
- 3.25% · paid 01 Sep / 01 Mar
- Tenor:
- 2 years
- Outstanding:
- S$8.0B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Aug 2018 | reopen | 1.92% | 1.88% | 2.19 | S$2.7B |
| 26 May 2010 | reopen | 2.75% | 2.72% | 2.04 | S$1.8B |
| 29 Aug 2006 | reopen | 3.48% | 0.00% | 2.49 | S$800M |
| 29 Aug 2005 | new issue | 3.30% | 0.00% | 1.56 | S$2.7B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.92% cutoff is 4 bp lower than the previous 2-year SGS auction (N515100S, 1.96% on 27 Mar 2018).
- Price vs par: The bond cleared at S$102.61 per S$100 face value — a premium, because the 3.25% fixed coupon is above the 1.92% 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 29 Aug 2005. 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 (3.25% 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.