2-year SGS Bond
NY09100H
Originally auctioned 27 Aug 2009 · Matures 01 Sept 2024 · matured left
Latest cutoff yield
2.70%
Auctioned 28 Jun 2022 (reopening) · median 2.65%
Issue details
- Fixed coupon:
- 3.00% · paid 01 Mar / 01 Sep
- Tenor:
- 2 years
- Outstanding:
- S$11.3B
- Auctions held:
- 6 (1 original + 5 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 28 Jun 2022 | reopen | 2.70% | 2.65% | 1.96 | S$2.6B |
| 29 Jul 2019 | reopen | 1.74% | 1.71% | 2.20 | S$2.3B |
| 29 Jul 2014 | reopen | 2.42% | 2.40% | 1.58 | S$2.3B |
| 26 Aug 2011 | reopen | 2.02% | 1.96% | 1.85 | S$1.6B |
| 24 Feb 2010 | reopen | 3.31% | 3.28% | 2.14 | S$1.1B |
| 27 Aug 2009 | new issue | 3.11% | — | 1.87 | S$1.4B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.70% cutoff is 70 bp higher than the previous 2-year SGS auction (N519100A, 2.00% on 27 Apr 2022).
- Price vs par: The bond cleared at S$101.62 per S$100 face value — a premium, because the 3.00% fixed coupon is above the 2.70% 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 27 Aug 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 (3.00% 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 NY09100H mature?
- NY09100H matures on 01 Sept 2024. 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 NY09100H?
- NY09100H pays a fixed coupon of 3.00% 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 NY09100H's coupon compare to the current 2-year SGS benchmark yield?
- NY09100H's fixed coupon of 3.00% is 142 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 NY09100H?
- NY09100H has already been issued (most recent auction 28 Jun 2022). 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
- ← N519100A — 2.00% cutoff
- NX15100Z → — 3.66% 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 →