5-year SGS Bond
NZ10100F
Originally auctioned 27 Aug 2010 · Matures 01 Sept 2030 · 4y 4m left
Latest cutoff yield
1.53%
Auctioned 27 Aug 2025 (reopening) · median 1.48%
Issue details
- Fixed coupon:
- 2.88% · paid 01 Sep / 01 Mar
- Tenor:
- 5 years
- Outstanding:
- S$12.0B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Aug 2025 | reopen | 1.53% | 1.48% | 2.66 | S$2.5B |
| 29 Mar 2021 | reopen | 1.71% | 1.66% | 1.69 | S$2.6B |
| 28 Jul 2020 | reopen | 0.93% | 0.88% | 1.72 | S$2.7B |
| 27 Aug 2015 | reopen | 3.05% | 2.99% | 1.65 | S$1.1B |
| 24 Feb 2011 | reopen | 3.35% | 3.28% | 1.90 | S$1.1B |
| 27 Aug 2010 | new issue | 2.91% | 2.85% | 2.06 | S$2.0B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.53% cutoff is 52 bp lower than the previous 5-year SGS auction (N524100X, 2.05% on 28 May 2025).
- Price vs par: The bond cleared at S$106.45 per S$100 face value — a premium, because the 2.88% fixed coupon is above the 1.53% 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 2010. 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.