5-year SGS Bond
N590100Z
Originally auctioned 28 Aug 1990 · Matures 01 Sept 1995 · matured left
Latest cutoff yield
5.29%
Auctioned 29 Jan 1991 (reopening)
Issue details
- Fixed coupon:
- 5.38% · paid 01 Mar / 01 Sep
- Tenor:
- 5 years
- Outstanding:
- S$950M
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jan 1991 | reopen | 5.29% | — | 2.47 | S$400M |
| 28 Aug 1990 | new issue | 5.52% | — | 1.51 | S$550M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 5.29% cutoff is 23 bp lower than the prior reopening of this issue (5.52% on 28 Aug 1990).
- Price vs par: The bond cleared at S$102.62 per S$100 face value — a premium, because the 5.38% fixed coupon is above the 5.29% 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 28 Aug 1990. 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 (5.38% 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 N590100Z mature?
- N590100Z matures on 01 Sept 1995. 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 N590100Z?
- N590100Z pays a fixed coupon of 5.38% 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 N590100Z's coupon compare to the current 5-year SGS benchmark yield?
- N590100Z's fixed coupon of 5.38% is 368 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 N590100Z?
- N590100Z has already been issued (most recent auction 29 Jan 1991). 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
- ← N589101S — 5.35% cutoff
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