2-year SGS Bond
NY09100H
Originally auctioned 27 Aug 2009 · Matures 01 Sept 2024 · matured left
Latest cutoff yield
2.70%
Auctioned 28 Jun 2022 (reopening) · median 2.65%
Issue details
- Fixed coupon:
- 3.00% · paid 01 Mar / 01 Sep
- Tenor:
- 2 years
- Outstanding:
- S$11.3B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jun 2022 | reopen | 2.70% | 2.65% | 1.96 | S$2.6B |
| 29 Jul 2019 | reopen | 1.74% | 1.71% | 2.20 | S$2.3B |
| 29 Jul 2014 | reopen | 2.42% | 2.40% | 1.58 | S$2.3B |
| 26 Aug 2011 | reopen | 2.02% | 1.96% | 1.85 | S$1.6B |
| 24 Feb 2010 | reopen | 3.31% | 3.28% | 2.14 | S$1.1B |
| 27 Aug 2009 | new issue | 3.11% | 0.00% | 1.87 | S$1.4B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.70% cutoff is 70 bp higher than the previous 2-year SGS auction (N519100A, 2.00% on 27 Apr 2022).
- Price vs par: The bond cleared at S$101.62 per S$100 face value — a premium, because the 3.00% fixed coupon is above the 2.70% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 5 times since the original auction on 27 Aug 2009. 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 (3.00% 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.