2-year SGS Bond
N204101F
Originally auctioned 28 Jul 2004 · Matures 01 Aug 2006 · matured left
Latest cutoff yield
1.44%
Auctioned 28 Jul 2004 (original issue)
Issue details
- Fixed coupon:
- 1.38% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$2.6B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jul 2004 | new issue | 1.44% | — | 2.13 | S$2.6B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.44% cutoff is 36 bp higher than the previous 2-year SGS auction (N204100E, 1.08% on 28 Jan 2004).
- Price vs par: The bond cleared at S$99.87 per S$100 face value — a discount, because the 1.38% fixed coupon is below the 1.44% 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 (1.38% 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 N204101F mature?
- N204101F matures on 01 Aug 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 N204101F?
- N204101F pays a fixed coupon of 1.38% 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 N204101F's coupon compare to the current 2-year SGS benchmark yield?
- N204101F's fixed coupon of 1.38% is 21 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 N204101F?
- N204101F has already been issued (most recent auction 28 Jul 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
- ← N204100E — 1.08% cutoff
- N205100A → — 1.80% 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 →