2-year SGS Bond

NY07100X

Originally auctioned 29 Aug 2007 · Matures 01 Sept 2022 · matured left

Latest cutoff yield

0.32%

Auctioned 27 Aug 2020 (reopening) · median 0.28%

Issue details

Fixed coupon:: 3.13% · paid 01 Sep / 01 Mar
Tenor:: 2 years
Outstanding:: S$9.2B
Auctions held:: 5 (1 original + 4 reopenings)

Auction history for this issue

Auction date	Type	Cutoff	Median	B/C	This auction
27 Aug 2020	reopen	0.32%	0.28%	1.98	S$2.9B
29 Oct 2018	reopen	2.20%	2.17%	2.09	S$1.0B
27 Jun 2012	reopen	1.60%	1.59%	2.31	S$2.0B
28 Aug 2008	reopen	3.45%	0.00%	1.79	S$1.0B
29 Aug 2007	new issue	3.20%	0.00%	1.75	S$2.3B

2-year SGS cutoff yield history

Full yield curve and tracker →

Latest auction in context

Yield change: The 0.32% cutoff is 22 bp lower than the previous 2-year SGS auction (N518100E, 0.54% on 28 Apr 2020).
Price vs par: The bond cleared at S$105.59 per S$100 face value — a premium, because the 3.13% fixed coupon is above the 0.32% 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 29 Aug 2007. 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 (3.13% 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.