2-year SGS Bond
N517100F
Originally auctioned 29 Mar 2017 · Matures 01 Apr 2022 · matured left
Latest cutoff yield
0.84%
Auctioned 27 Mar 2020 (reopening) · median 0.75%
Issue details
- Fixed coupon:
- 1.75% · paid 01 Apr / 01 Oct
- Tenor:
- 2 years
- Outstanding:
- S$5.6B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Mar 2020 | reopen | 0.84% | 0.75% | 1.81 | S$2.2B |
| 27 Mar 2018 | reopen | 2.08% | 2.06% | 2.16 | S$800M |
| 29 Mar 2017 | new issue | 1.75% | 1.70% | 1.90 | S$2.6B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.84% cutoff is 82 bp lower than the previous 2-year SGS auction (N516100Z, 1.66% on 26 Sept 2019).
- Price vs par: The bond cleared at S$101.80 per S$100 face value — a premium, because the 1.75% fixed coupon is above the 0.84% 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 29 Mar 2017. 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 (1.75% 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 N517100F mature?
- N517100F matures on 01 Apr 2022. 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 N517100F?
- N517100F pays a fixed coupon of 1.75% 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 N517100F's coupon compare to the current 2-year SGS benchmark yield?
- N517100F's fixed coupon of 1.75% is 17 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 N517100F?
- N517100F has already been issued (most recent auction 27 Mar 2020). 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
- ← N516100Z — 1.66% cutoff
- NY07100X → — 0.32% 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 →