2-year SGS Bond
NX15100Z
Originally auctioned 27 May 2015 · Matures 01 Jun 2025 · matured left
Latest cutoff yield
3.66%
Auctioned 24 Feb 2023 (reopening) · median 3.49%
Issue details
- Fixed coupon:
- 2.38% · paid 01 Dec / 01 Jun
- Tenor:
- 2 years
- Outstanding:
- S$11.7B
- Auctions held:
- 5 (1 original + 4 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 24 Feb 2023 | reopen | 3.66% | 3.49% | 1.70 | S$3.2B |
| 27 May 2022 | reopen | 2.33% | 2.30% | 2.15 | S$2.1B |
| 26 Jun 2020 | reopen | 0.58% | 0.52% | 2.04 | S$2.5B |
| 27 Jul 2017 | reopen | 1.95% | 1.94% | 2.55 | S$1.3B |
| 27 May 2015 | new issue | 2.42% | 2.35% | 1.57 | S$2.6B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.66% cutoff is 96 bp higher than the previous 2-year SGS auction (NY09100H, 2.70% on 28 Jun 2022).
- Price vs par: The bond cleared at S$97.83 per S$100 face value — a discount, because the 2.38% fixed coupon is below the 3.66% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 4 times since the original auction on 27 May 2015. 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 NX15100Z mature?
- NX15100Z matures on 01 Jun 2025. 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 NX15100Z?
- NX15100Z 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 NX15100Z's coupon compare to the current 2-year SGS benchmark yield?
- NX15100Z'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 NX15100Z?
- NX15100Z has already been issued (most recent auction 24 Feb 2023). 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
- ← NY09100H — 2.70% cutoff
- N520100A → — 3.56% 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 →