5-year SGS Bond
NY14100E
Originally auctioned 26 Jun 2014 · Matures 01 Jul 2029 · 3y 2m left
Latest cutoff yield
2.56%
Auctioned 28 Aug 2024 (reopening) · median 2.54%
Issue details
- Fixed coupon:
- 2.88% · paid 01 Jul / 01 Jan
- Tenor:
- 5 years
- Outstanding:
- S$10.4B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Aug 2024 | reopen | 2.56% | 2.54% | 3.88 | S$2.8B |
| 29 Jan 2020 | reopen | 1.64% | 1.60% | 1.92 | S$2.5B |
| 28 Aug 2019 | reopen | 1.69% | 1.66% | 1.89 | S$2.9B |
| 26 Jun 2014 | new issue | 2.93% | 2.90% | 1.65 | S$2.2B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.56% cutoff is 66 bp lower than the previous 5-year SGS auction (N523100W, 3.22% on 26 Jun 2024).
- Price vs par: The bond cleared at S$101.91 per S$100 face value — a premium, because the 2.88% fixed coupon is above the 2.56% 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 26 Jun 2014. 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 (2.88% 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.