5-year SGS Bond
N591100F
Originally auctioned 19 Mar 1991 · Matures 15 Mar 1996 · matured left
Latest cutoff yield
5.10%
Auctioned 19 Mar 1991 (original issue)
Issue details
- Fixed coupon:
- 5.00% · paid 15 Sep / 15 Mar
- Tenor:
- 5 years
- Outstanding:
- S$650M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 19 Mar 1991 | new issue | 5.10% | — | 2.26 | S$650M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 5.10% cutoff is 19 bp lower than the previous 5-year SGS auction (N590100Z, 5.29% on 29 Jan 1991).
- Price vs par: The bond cleared at S$99.57 per S$100 face value — a discount, because the 5.00% fixed coupon is below the 5.10% 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 (5.00% 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 N591100F mature?
- N591100F matures on 15 Mar 1996. 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 N591100F?
- N591100F pays a fixed coupon of 5.00% 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 N591100F's coupon compare to the current 5-year SGS benchmark yield?
- N591100F's fixed coupon of 5.00% is 330 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 N591100F?
- N591100F has already been issued (most recent auction 19 Mar 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
- ← N590100Z — 5.29% cutoff
- N591101Z → — 5.18% 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 →