2-year SGS Bond
NX18100A
Originally auctioned 26 Apr 2018 · Matures 01 May 2028 · 1y 11m left
Latest cutoff yield
1.40%
Auctioned 25 Feb 2026 (reopening) · median 1.34%
Issue details
- Fixed coupon:
- 2.63% · paid 01 Nov / 01 May
- Tenor:
- 2 years
- Outstanding:
- S$11.1B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 25 Feb 2026 | reopen | 1.40% | 1.34% | 1.89 | S$3.3B |
| 26 Apr 2023 | reopen | 2.77% | 2.75% | 2.73 | S$2.4B |
| 26 Apr 2019 | reopen | 2.20% | 2.15% | 1.83 | S$2.4B |
| 26 Apr 2018 | new issue | 2.65% | 2.61% | 1.67 | S$3.0B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.40% cutoff is 27 bp lower than the previous 2-year SGS auction (N522100N, 1.67% on 29 Jul 2025).
- Price vs par: The bond cleared at S$103.48 per S$100 face value — a premium, because the 2.63% fixed coupon is above the 1.40% 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 26 Apr 2018. 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 (2.63% 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 NX18100A mature?
- NX18100A matures on 01 May 2028. 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 NX18100A?
- NX18100A pays a fixed coupon of 2.63% 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 NX18100A's coupon compare to the current 2-year SGS benchmark yield?
- NX18100A's fixed coupon of 2.63% is 105 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 NX18100A?
- NX18100A has already been issued (most recent auction 25 Feb 2026). 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
- ← N522100N — 1.67% cutoff
- 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 →