2-year SGS Bond
N710100Z
Originally auctioned 29 Mar 2010 · Matures 01 Apr 2017 · matured left
Latest cutoff yield
0.86%
Auctioned 28 Jan 2015 (reopening) · median 0.68%
Issue details
- Fixed coupon:
- 2.38% · paid 01 Oct / 01 Apr
- Tenor:
- 2 years
- Outstanding:
- S$7.5B
- Auctions held:
- 3 (1 original + 2 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jan 2015 | reopen | 0.86% | 0.68% | 1.61 | S$3.0B |
| 27 Feb 2012 | reopen | 0.68% | 0.61% | 1.97 | S$2.3B |
| 29 Mar 2010 | new issue | 2.38% | 2.31% | 1.78 | S$2.2B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 0.86% cutoff is 35 bp higher than the previous 2-year SGS auction (NY01100F, 0.51% on 27 Aug 2014).
- Price vs par: The bond cleared at S$104.04 per S$100 face value — a premium, because the 2.38% fixed coupon is above the 0.86% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 2 times since the original auction on 29 Mar 2010. 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 (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 N710100Z mature?
- N710100Z matures on 01 Apr 2017. 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 N710100Z?
- N710100Z 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 N710100Z's coupon compare to the current 2-year SGS benchmark yield?
- N710100Z's fixed coupon of 2.38% is 80 bp above the current 2-year SGS benchmark of 1.58% (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 N710100Z?
- N710100Z has already been issued (most recent auction 28 Jan 2015). 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 2-year SGS
- ← NY01100F — 0.51% cutoff
- N215100F → — 1.45% cutoff
- Latest 2-year: N523100W — 1.60% 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 →