5-year SGS Bond
N589101S
Originally auctioned 21 Nov 1989 · Matures 01 Dec 1994 · matured left
Latest cutoff yield
5.35%
Auctioned 03 Apr 1990 (reopening)
Issue details
- Fixed coupon:
- 5.13% · paid 01 Jun / 01 Dec
- Tenor:
- 5 years
- Outstanding:
- S$800M
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 03 Apr 1990 | reopen | 5.35% | — | 1.81 | S$250M |
| 21 Nov 1989 | new issue | 5.16% | — | 2.52 | S$550M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 5.35% cutoff is 19 bp higher than the prior reopening of this issue (5.16% on 21 Nov 1989).
- Price vs par: The bond cleared at S$100.95 per S$100 face value — a premium, because the 5.13% fixed coupon is above the 5.35% 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 21 Nov 1989. 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 (5.13% 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 N589101S mature?
- N589101S matures on 01 Dec 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 N589101S?
- N589101S pays a fixed coupon of 5.13% 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 N589101S's coupon compare to the current 5-year SGS benchmark yield?
- N589101S's fixed coupon of 5.13% is 343 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 N589101S?
- N589101S has already been issued (most recent auction 03 Apr 1990). 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
- ← N589100Z — 5.38% cutoff
- N590100Z → — 5.29% cutoff
- Latest 5-year: N525100T — 1.61% cutoff
- All SGS bonds →
Compare & cross-check
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- Latest 6-mo T-bill: BS26111H — 1.48% cutoff
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