2-year SGS Bond
NY05100N
Originally auctioned 29 Aug 2005 · Matures 01 Sept 2020 · matured left
Latest cutoff yield
1.92%
Auctioned 29 Aug 2018 (reopening) · median 1.88%
Issue details
- Fixed coupon:
- 3.25% · paid 01 Sep / 01 Mar
- Tenor:
- 2 years
- Outstanding:
- S$8.0B
- Auctions held:
- 4 (1 original + 3 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 29 Aug 2018 | reopen | 1.92% | 1.88% | 2.19 | S$2.7B |
| 26 May 2010 | reopen | 2.75% | 2.72% | 2.04 | S$1.8B |
| 29 Aug 2006 | reopen | 3.48% | — | 2.49 | S$800M |
| 29 Aug 2005 | new issue | 3.30% | — | 1.56 | S$2.7B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 1.92% cutoff is 4 bp lower than the previous 2-year SGS auction (N515100S, 1.96% on 27 Mar 2018).
- Price vs par: The bond cleared at S$102.61 per S$100 face value — a premium, because the 3.25% fixed coupon is above the 1.92% 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 29 Aug 2005. 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 (3.25% 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 NY05100N mature?
- NY05100N matures on 01 Sept 2020. 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 NY05100N?
- NY05100N pays a fixed coupon of 3.25% 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 NY05100N's coupon compare to the current 2-year SGS benchmark yield?
- NY05100N's fixed coupon of 3.25% is 167 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 NY05100N?
- NY05100N has already been issued (most recent auction 29 Aug 2018). 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
- ← N515100S — 1.96% cutoff
- N516100Z → — 1.66% 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 →