2-year SGS Bond
NX09100W
Originally auctioned 27 May 2009 · Matures 01 Jun 2019 · matured left
Latest cutoff yield
1.36%
Auctioned 26 Jan 2017 (reopening) · median 1.30%
Issue details
- Fixed coupon:
- 2.50% · paid 01 Dec / 01 Jun
- Tenor:
- 2 years
- Outstanding:
- S$8.7B
- Auctions held:
- 5 (1 original + 4 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 26 Jan 2017 | reopen | 1.36% | 1.30% | 2.50 | S$2.3B |
| 28 Jan 2014 | reopen | 1.62% | 1.52% | 1.69 | S$1.8B |
| 29 May 2012 | reopen | 1.15% | 1.10% | 1.99 | S$1.5B |
| 29 Dec 2010 | reopen | 2.75% | 2.70% | 1.90 | S$1.1B |
| 27 May 2009 | new issue | 2.53% | — | 1.73 | S$2.0B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.36% cutoff is 48 bp higher than the previous 2-year SGS auction (NY03100A, 0.88% on 29 Aug 2016).
- Price vs par: The bond cleared at S$103.03 per S$100 face value — a premium, because the 2.50% fixed coupon is above the 1.36% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 4 times since the original auction on 27 May 2009. 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 (2.50% 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 NX09100W mature?
- NX09100W matures on 01 Jun 2019. 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 NX09100W?
- NX09100W pays a fixed coupon of 2.50% 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 NX09100W's coupon compare to the current 2-year SGS benchmark yield?
- NX09100W's fixed coupon of 2.50% is 92 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 NX09100W?
- NX09100W has already been issued (most recent auction 26 Jan 2017). 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
- ← NY03100A — 0.88% cutoff
- N514100H → — 1.43% 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 →