2-year SGS Bond
N204100E
Originally auctioned 28 Jan 2004 · Matures 01 Feb 2006 · matured left
Latest cutoff yield
1.08%
Auctioned 28 Jan 2004 (original issue)
Issue details
- Fixed coupon:
- 1.00% · paid 01 Aug / 01 Feb
- Tenor:
- 2 years
- Outstanding:
- S$2.7B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jan 2004 | new issue | 1.08% | — | 1.90 | S$2.7B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.08% cutoff is 10 bp lower than the previous 2-year SGS auction (N798100A, 1.18% on 29 Jul 2003).
- Price vs par: The bond cleared at S$99.84 per S$100 face value — a discount, because the 1.00% fixed coupon is below the 1.08% market yield. The lower price compensates for the smaller coupon.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (1.00% 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.
Frequently asked questions
- When does N204100E mature?
- N204100E matures on 01 Feb 2006. At maturity, holders receive the full face value of S$1,000 per bond, plus the final semi-annual coupon.
- What is the coupon rate for N204100E?
- N204100E pays a fixed coupon of 1.00% per year, paid semi-annually. The coupon rate is set at the original auction and does not change for reopenings — reopening auctions adjust the issue price instead to reflect prevailing yields.
- How does N204100E's coupon compare to the current 2-year SGS benchmark yield?
- N204100E's fixed coupon of 1.00% is 58 bp below the current 2-year SGS benchmark of 1.58% (as of 12 Jun 2026). When the benchmark yield rises above an existing bond's coupon, that bond trades below par on the secondary market; when it falls below the coupon, the bond trades above par.
- How is SGS interest taxed for individuals?
- SGS bonds are Qualifying Debt Securities (QDS) under IRAS. Interest income from SGS held by individuals is tax-exempt in Singapore. See iras.gov.sg for the full QDS scheme conditions.
- Where can I buy N204100E?
- N204100E has already been issued (most recent auction 28 Jan 2004). It can be bought or sold on the SGX secondary market through a stockbroker with CDP access. New SGS bonds are issued via MAS primary auctions — see /sgs/ for the current calendar.
Explore more
Other 2-year SGS
- ← N798100A — 1.18% cutoff
- N204101F → — 1.44% cutoff
- Latest 2-year: N523100W — 1.60% cutoff
- All SGS bonds →
Compare & cross-check
- Latest SSB: GX26070F — 1.46% year 1
- Latest 6-mo T-bill: BS26111H — 1.48% cutoff
- Compare SSB · T-bill · SGS →