5-year SGS Bond
N596100W
Originally auctioned 12 Mar 1996 · Matures 15 Mar 2001 · matured left
Latest cutoff yield
2.40%
Auctioned 12 Mar 1996 (original issue)
Issue details
- Fixed coupon:
- 2.38% · paid 15 Sep / 15 Mar
- Tenor:
- 5 years
- Outstanding:
- S$800M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 12 Mar 1996 | new issue | 2.40% | — | 2.58 | S$800M |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.40% cutoff is 85 bp lower than the previous 5-year SGS auction (N595101V, 3.25% on 26 Jul 1995).
- Price vs par: The bond cleared at S$99.88 per S$100 face value — a discount, because the 2.38% fixed coupon is below the 2.40% 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 (2.38% 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 N596100W mature?
- N596100W matures on 15 Mar 2001. 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 N596100W?
- N596100W pays a fixed coupon of 2.38% 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 N596100W's coupon compare to the current 5-year SGS benchmark yield?
- N596100W's fixed coupon of 2.38% is 68 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 N596100W?
- N596100W has already been issued (most recent auction 12 Mar 1996). 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
- ← N595101V — 3.25% cutoff
- N596101N → — 3.20% 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 →