5-year SGS Bond
N594101A
Originally auctioned 11 Oct 1994 · Matures 15 Oct 1999 · matured left
Latest cutoff yield
3.95%
Auctioned 11 Oct 1994 (original issue)
Issue details
- Fixed coupon:
- 3.88% · paid 15 Apr / 15 Oct
- Tenor:
- 5 years
- Outstanding:
- S$850M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 11 Oct 1994 | new issue | 3.95% | — | 1.94 | S$850M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.95% cutoff is 65 bp higher than the previous 5-year SGS auction (N594100V, 3.30% on 25 Jan 1994).
- Price vs par: The bond cleared at S$99.66 per S$100 face value — a discount, because the 3.88% fixed coupon is below the 3.95% 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 (3.88% 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 N594101A mature?
- N594101A matures on 15 Oct 1999. 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 N594101A?
- N594101A pays a fixed coupon of 3.88% 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 N594101A's coupon compare to the current 5-year SGS benchmark yield?
- N594101A's fixed coupon of 3.88% is 217 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 N594101A?
- N594101A has already been issued (most recent auction 11 Oct 1994). 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
- ← N594100V — 3.30% cutoff
- N595100N → — 4.07% 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 →