2-year SGS Bond
NX99100S
Originally auctioned 07 Jan 1999 · Matures 15 Jan 2009 · matured left
Latest cutoff yield
3.03%
Auctioned 29 Jan 2007 (reopening)
Issue details
- Fixed coupon:
- 4.38% · paid 15 Jan / 15 Jul
- Tenor:
- 2 years
- Outstanding:
- S$6.0B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Jan 2007 | reopen | 3.03% | — | 1.91 | S$1.7B |
| 18 Mar 2004 | reopen | 2.10% | — | 1.65 | S$1.3B |
| 26 Sept 2003 | reopen | 2.52% | — | 2.14 | S$800M |
| 29 Jan 2002 | reopen | 3.71% | — | 1.74 | S$700M |
| 13 Jul 1999 | reopen | 4.61% | — | 2.22 | S$600M |
| 07 Jan 1999 | new issue | 4.50% | — | 2.88 | S$900M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.03% cutoff is 10 bp lower than the previous 2-year SGS auction (NX98100H, 3.13% on 27 Jul 2006).
- Price vs par: The bond cleared at S$102.74 per S$100 face value — a premium, because the 4.38% fixed coupon is above the 3.03% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 5 times since the original auction on 07 Jan 1999. 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 (4.38% 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 NX99100S mature?
- NX99100S matures on 15 Jan 2009. 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 NX99100S?
- NX99100S pays a fixed coupon of 4.38% 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 NX99100S's coupon compare to the current 2-year SGS benchmark yield?
- NX99100S's fixed coupon of 4.38% is 280 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 NX99100S?
- NX99100S has already been issued (most recent auction 29 Jan 2007). 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
- ← NX98100H — 3.13% cutoff
- N504100Z → — 2.39% 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 →