5-year SGS Bond
NX04100F
Originally auctioned 28 Jun 2004 · Matures 01 Jul 2014 · matured left
Latest cutoff yield
1.43%
Auctioned 27 Mar 2009 (reopening)
Issue details
- Fixed coupon:
- 3.63% · paid 01 Jan / 01 Jul
- Tenor:
- 5 years
- Outstanding:
- S$5.8B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Mar 2009 | reopen | 1.43% | — | 1.83 | S$800M |
| 26 Apr 2007 | reopen | 2.58% | — | 1.74 | S$1.3B |
| 24 Feb 2005 | reopen | 3.00% | — | 2.24 | S$1.2B |
| 28 Jun 2004 | new issue | 3.68% | — | 1.45 | S$2.5B |
5-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.43% cutoff is 122 bp lower than the previous 5-year SGS auction (NX03100Z, 2.65% on 26 Sept 2008).
- Price vs par: The bond cleared at S$111.97 per S$100 face value — a premium, because the 3.63% fixed coupon is above the 1.43% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 3 times since the original auction on 28 Jun 2004. 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 (3.63% 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 NX04100F mature?
- NX04100F matures on 01 Jul 2014. 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 NX04100F?
- NX04100F pays a fixed coupon of 3.63% 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 NX04100F's coupon compare to the current 5-year SGS benchmark yield?
- NX04100F's fixed coupon of 3.63% is 193 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 NX04100F?
- NX04100F has already been issued (most recent auction 27 Mar 2009). 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
- ← NX03100Z — 2.65% cutoff
- N509100N → — 1.39% 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 →