5-year SGS Bond
N524100X
Originally auctioned 26 Mar 2024 · Matures 01 Apr 2029 · 2y 10m left
Latest cutoff yield
2.05%
Auctioned 28 May 2025 (reopening) · median 1.99%
Issue details
- Fixed coupon:
- 3.00% · paid 01 Apr / 01 Oct
- Tenor:
- 5 years
- Outstanding:
- S$5.4B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 May 2025 | reopen | 2.05% | 1.99% | 2.01 | S$2.6B |
| 26 Mar 2024 | new issue | 3.06% | 2.95% | 1.94 | S$2.8B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.05% cutoff is 56 bp lower than the previous 5-year SGS auction (N525100T, 2.61% on 26 Mar 2025).
- Price vs par: The bond cleared at S$103.99 per S$100 face value — a premium, because the 3.00% fixed coupon is above the 2.05% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Mar 2024. 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 (3.00% 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 N524100X mature?
- N524100X matures on 01 Apr 2029. 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 N524100X?
- N524100X pays a fixed coupon of 3.00% 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 N524100X's coupon compare to the current 5-year SGS benchmark yield?
- N524100X's fixed coupon of 3.00% is 130 bp above the current 5-year SGS benchmark of 1.70% (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 N524100X?
- N524100X has already been issued (most recent auction 28 May 2025). 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 5-year SGS
- ← NY14100E — 2.56% cutoff
- NZ10100F → — 1.53% cutoff
- Latest 5-year: N525100T — 1.61% 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 →