2-year SGS Bond
N513100T
Originally auctioned 26 Mar 2013 · Matures 01 Apr 2018 · matured left
Latest cutoff yield
0.96%
Auctioned 29 Mar 2016 (reopening) · median 0.90%
Issue details
- Fixed coupon:
- 0.50% · paid 01 Apr / 01 Oct
- Tenor:
- 2 years
- Outstanding:
- S$6.7B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Mar 2016 | reopen | 0.96% | 0.90% | 2.25 | S$2.6B |
| 28 Apr 2015 | reopen | 1.21% | 1.17% | 1.86 | S$1.0B |
| 26 Mar 2013 | new issue | 0.57% | 0.48% | 1.70 | S$3.1B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.96% cutoff is 49 bp lower than the previous 2-year SGS auction (N215100F, 1.45% on 28 Sept 2015).
- Price vs par: The bond cleared at S$99.09 per S$100 face value — a discount, because the 0.50% fixed coupon is below the 0.96% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 2 times since the original auction on 26 Mar 2013. 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 (0.50% 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.
Frequently asked questions
- When does N513100T mature?
- N513100T matures on 01 Apr 2018. 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 N513100T?
- N513100T pays a fixed coupon of 0.50% 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 N513100T's coupon compare to the current 2-year SGS benchmark yield?
- N513100T's fixed coupon of 0.50% is 108 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 N513100T?
- N513100T has already been issued (most recent auction 29 Mar 2016). 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
- ← N215100F — 1.45% cutoff
- NY03100A → — 0.88% 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 →