2-year SGS Bond
N212100H
Originally auctioned 27 Jan 2012 · Matures 01 Feb 2014 · matured left
Latest cutoff yield
0.30%
Auctioned 27 Jan 2012 (original issue) · median 0.26%
Issue details
- Fixed coupon:
- 0.25% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$2.9B
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2012 | new issue | 0.30% | 0.26% | 2.20 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.30% cutoff is 5 bp lower than the previous 2-year SGS auction (N509100N, 0.35% on 28 Sept 2011).
- Price vs par: The bond cleared at S$99.90 per S$100 face value — a discount, because the 0.25% fixed coupon is below the 0.30% 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 (0.25% 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 N212100H mature?
- N212100H matures on 01 Feb 2014. 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 N212100H?
- N212100H pays a fixed coupon of 0.25% 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 N212100H's coupon compare to the current 2-year SGS benchmark yield?
- N212100H's fixed coupon of 0.25% is 133 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 N212100H?
- N212100H has already been issued (most recent auction 27 Jan 2012). 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
- ← NX03100Z — 0.41% cutoff
- N708100S → — 0.23% 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 →