2-year SGS Bond
NZ07100S
Originally auctioned 26 Feb 2007 · Matures 01 Mar 2027 · 9m left
Latest cutoff yield
2.82%
Auctioned 27 Jan 2025 (reopening) · median 2.78%
Issue details
- Fixed coupon:
- 3.50% · paid 01 Sep / 01 Mar
- Tenor:
- 2 years
- Outstanding:
- S$13.4B
- Auctions held:
- 7 (1 original + 6 reopenings)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 27 Jan 2025 | reopen | 2.82% | 2.78% | 2.72 | S$2.7B |
| 29 Mar 2022 | reopen | 2.32% | 2.26% | 1.87 | S$2.4B |
| 24 Feb 2017 | reopen | 2.35% | 2.28% | 1.55 | S$2.3B |
| 29 Aug 2012 | reopen | 1.93% | 1.92% | 2.03 | S$1.5B |
| 25 Feb 2009 | reopen | 2.97% | — | 2.37 | S$700M |
| 27 Feb 2008 | reopen | 3.39% | — | 1.77 | S$1.3B |
| 26 Feb 2007 | new issue | 3.50% | — | 2.27 | S$2.5B |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 2.82% cutoff is 64 bp lower than the previous 2-year SGS auction (N521100V, 3.46% on 29 May 2024).
- Price vs par: The bond cleared at S$102.86 per S$100 face value — a premium, because the 3.50% fixed coupon is above the 2.82% market yield. Buyers pay more upfront for the higher coupon stream.
- Issue history: This issue has been reopened 6 times since the original auction on 26 Feb 2007. 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 (3.50% 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 NZ07100S mature?
- NZ07100S matures on 01 Mar 2027. 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 NZ07100S?
- NZ07100S pays a fixed coupon of 3.50% 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 NZ07100S's coupon compare to the current 2-year SGS benchmark yield?
- NZ07100S's fixed coupon of 3.50% is 192 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 NZ07100S?
- NZ07100S has already been issued (most recent auction 27 Jan 2025). 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
- ← N521100V — 3.46% cutoff
- N522100N → — 1.67% 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 →