2-year SGS Bond
N523100W
Originally auctioned 27 Jul 2023 · Matures 01 Aug 2028 · 2y 2m left
Latest cutoff yield
1.60%
Auctioned 26 May 2026 (reopening) · median 1.59%
Issue details
- Fixed coupon:
- 2.88% · paid 01 Feb / 01 Aug
- Tenor:
- 2 years
- Outstanding:
- S$8.2B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 May 2026 | reopen | 1.60% | 1.59% | 2.36 | S$3.1B |
| 26 Jun 2024 | reopen | 3.22% | 3.18% | 2.01 | S$2.6B |
| 27 Jul 2023 | new issue | 2.96% | 2.90% | 2.59 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.60% cutoff is 20 bp higher than the previous 2-year SGS auction (NX18100A, 1.40% on 25 Feb 2026).
- Price vs par: The bond cleared at S$103.66 per S$100 face value — a premium, because the 2.88% fixed coupon is above the 1.60% 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 27 Jul 2023. 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 (2.88% 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 N523100W mature?
- N523100W matures on 01 Aug 2028. 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 N523100W?
- N523100W pays a fixed coupon of 2.88% 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 N523100W's coupon compare to the current 2-year SGS benchmark yield?
- N523100W's fixed coupon of 2.88% is 130 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 N523100W?
- N523100W has already been issued (most recent auction 26 May 2026). 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
- ← NX18100A — 1.40% 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 →