5-year SGS Bond
N589100Z
Originally auctioned 20 Jun 1989 · Matures 15 Jun 1994 · matured left
Latest cutoff yield
5.38%
Auctioned 20 Jun 1989 (original issue)
Issue details
- Fixed coupon:
- 5.25% · paid 15 Dec / 15 Jun
- Tenor:
- 5 years
- Outstanding:
- S$600M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 20 Jun 1989 | new issue | 5.38% | — | 2.57 | S$600M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 5.38% cutoff is 1 bp higher than the previous 5-year SGS auction (N588101H, 5.37% on 01 Nov 1988).
- Price vs par: The bond cleared at S$99.44 per S$100 face value — a discount, because the 5.25% fixed coupon is below the 5.38% market yield. The lower price compensates for the smaller coupon.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (5.25% 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 N589100Z mature?
- N589100Z matures on 15 Jun 1994. 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 N589100Z?
- N589100Z pays a fixed coupon of 5.25% 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 N589100Z's coupon compare to the current 5-year SGS benchmark yield?
- N589100Z's fixed coupon of 5.25% is 355 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 N589100Z?
- N589100Z has already been issued (most recent auction 20 Jun 1989). 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
- ← N588101H — 5.37% cutoff
- N589101S → — 5.35% 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 →