2-year SGS Bond
NZ07100S
Originally auctioned 26 Feb 2007 · Matures 01 Mar 2027 · 10m left
Latest cutoff yield
2.82%
Auctioned 27 Jan 2025 (reopening) · median 2.78%
Issue details
- Fixed coupon:
- 3.50% · paid 01 Sep / 01 Mar
- Tenor:
- 2 years
- Outstanding:
- S$13.4B
- Auctions held:
- 7 (1 original + 6 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2025 | reopen | 2.82% | 2.78% | 2.72 | S$2.7B |
| 29 Mar 2022 | reopen | 2.32% | 2.26% | 1.87 | S$2.4B |
| 24 Feb 2017 | reopen | 2.35% | 2.28% | 1.55 | S$2.3B |
| 29 Aug 2012 | reopen | 1.93% | 1.92% | 2.03 | S$1.5B |
| 25 Feb 2009 | reopen | 2.97% | 0.00% | 2.37 | S$700M |
| 27 Feb 2008 | reopen | 3.39% | 0.00% | 1.77 | S$1.3B |
| 26 Feb 2007 | new issue | 3.50% | 0.00% | 2.27 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.82% cutoff is 64 bp lower than the previous 2-year SGS auction (N521100V, 3.46% on 29 May 2024).
- Price vs par: The bond cleared at S$102.86 per S$100 face value — a premium, because the 3.50% fixed coupon is above the 2.82% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 6 times since the original auction on 26 Feb 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 (3.50% 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.