2-year SGS Bond
N514100H
Originally auctioned 26 Sept 2014 · Matures 01 Oct 2019 · matured left
Latest cutoff yield
1.43%
Auctioned 27 Sept 2017 (reopening) · median 1.39%
Issue details
- Fixed coupon:
- 1.63% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$7.1B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Sept 2017 | reopen | 1.43% | 1.39% | 1.79 | S$2.4B |
| 28 Jun 2016 | reopen | 1.17% | 1.11% | 1.95 | S$1.8B |
| 26 Sept 2014 | new issue | 1.65% | 1.58% | 1.77 | S$2.9B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.43% cutoff is 7 bp higher than the previous 2-year SGS auction (NX09100W, 1.36% on 26 Jan 2017).
- Price vs par: The bond cleared at S$100.39 per S$100 face value — a premium, because the 1.63% fixed coupon is above the 1.43% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 2 times since the original auction on 26 Sept 2014. 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 (1.63% 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 N514100H mature?
- N514100H matures on 01 Oct 2019. 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 N514100H?
- N514100H pays a fixed coupon of 1.63% 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 N514100H's coupon compare to the current 2-year SGS benchmark yield?
- N514100H's fixed coupon of 1.63% is 4 bp above 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 N514100H?
- N514100H has already been issued (most recent auction 27 Sept 2017). 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
- ← NX09100W — 1.36% cutoff
- N515100S → — 1.96% 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 →