2-Year SGS Bond (N524100X) is announced today!
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2-Year SGS Bond N524100X (29 Jul 2026) Open
23 Jul 2026
2-Year SGS Bond N524100X is open for application from 23 Jul 2026. Auction will be conducted on 29 Jul 2026.
A total of $3.0B is offered for this issue, lower than that of $3.1B for the previous issue, N523100W (26 May 2026).
Application typically closes on 28 Jul 2026. CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 23 Jul 2026 Notify me
- Closing Date (Typical)
- 28 Jul 2026 Remind me
- Auction Date
- 29 Jul 2026 Notify me
- Issue Date
- 03 Aug 2026
- Maturity Date
- 01 Apr 2029
- Issue Code
- N524100X (Reopened)
- Issue No
- 3
- ISIN Code
- SGXF45447632
- Coupon Rate
- 3.000% p.a.
- Coupon Payment Dates
- 01 Apr and 01 Oct
- Total Amount Offered
- $3,000,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 124 Day(s)
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 17 Jul 2026 | 20 Jul 2026 | 21 Jul 2026 | 22 Jul 2026 | 23 Jul 2026 |
|---|---|---|---|---|---|
| 2-Year Yield (%) | 1.66 | 1.68 | 1.68 | 1.71 | 1.77 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 2-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
Auction Statistics (Last 10 Auctions in The Last 4 Years)
Cut-Off Yield, Previous Day Benchmark Yield
| Auction Date | Issue Code | Cut-Off Yield (%) | Previous Day Benchmark Yield (%) | Difference (%) |
|---|---|---|---|---|
| 24 Feb 2023 | NX15100Z | 3.66 | 3.40 | 0.26 |
| 29 Aug 2023 | N520100A | 3.56 | 3.68 | -0.12 |
| 29 Jan 2024 | NX16100F | 3.04 | 3.26 | -0.22 |
| 29 May 2024 | N521100V | 3.46 | 3.46 | 0.00 |
| 27 Jan 2025 | NZ07100S | 2.82 | 2.82 | 0.00 |
| 29 Jul 2025 | N522100N | 1.67 | 1.69 | -0.02 |
| 25 Feb 2026 | NX18100A | 1.40 | 1.34 | 0.06 |
| 26 May 2026 | N523100W | 1.60 | 1.62 | -0.02 |
Cut-Off Yield had been in the range of -0.22 to 0.26 of Previous Day Benchmark Yield in the auctions above.
Cut-Off Yield, Median Yield, Average Yield
| Auction Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
|---|---|---|---|---|
| 24 Feb 2023 | NX15100Z | 3.66 | 3.49 | 3.37 |
| 29 Aug 2023 | N520100A | 3.56 | 3.54 | 3.20 |
| 29 Jan 2024 | NX16100F | 3.04 | 2.99 | 2.92 |
| 29 May 2024 | N521100V | 3.46 | 3.38 | 3.31 |
| 27 Jan 2025 | NZ07100S | 2.82 | 2.78 | 2.66 |
| 29 Jul 2025 | N522100N | 1.67 | 1.60 | 1.56 |
| 25 Feb 2026 | NX18100A | 1.40 | 1.34 | 1.33 |
| 26 May 2026 | N523100W | 1.60 | 1.59 | 1.56 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $5,427,425,000 | 1.70 |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $6,320,649,000 | 2.53 |
| 29 Jan 2024 | NX16100F | $3,000,000,000 | $9,597,922,000 | 3.20 |
| 29 May 2024 | N521100V | $2,900,000,000 | $6,040,660,000 | 2.08 |
| 27 Jan 2025 | NZ07100S | $2,700,000,000 | $7,339,636,000 | 2.72 |
| 29 Jul 2025 | N522100N | $2,900,000,000 | $7,508,616,000 | 2.59 |
| 25 Feb 2026 | NX18100A | $3,300,000,000 | $6,229,989,000 | 1.89 |
| 26 May 2026 | N523100W | $3,100,000,000 | $7,312,821,000 | 2.36 |
Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications
| Auction Date | Issue Code | Total Amount Allotted | Amount Allotted to Non-Competitive Applications | % Allotted to Non-Competitive Applications | % of Non-Competitive Applications Allotted |
|---|---|---|---|---|---|
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $502,739,000 | 15.71% | 100.00% |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $405,873,000 | 16.23% | 100.00% |
| 29 Jan 2024 | NX16100F | $3,000,000,000 | $472,361,000 | 15.75% | 100.00% |
| 29 May 2024 | N521100V | $2,900,000,000 | $428,275,000 | 14.77% | 100.00% |
| 27 Jan 2025 | NZ07100S | $2,700,000,000 | $400,477,000 | 14.83% | 100.00% |
| 29 Jul 2025 | N522100N | $2,900,000,000 | $474,745,000 | 16.37% | 100.00% |
| 25 Feb 2026 | NX18100A | $3,300,000,000 | $422,483,000 | 12.80% | 100.00% |
| 26 May 2026 | N523100W | $3,100,000,000 | $512,065,000 | 16.52% | 100.00% |
Non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated on a pro-rated basis. This means, when % Allotted to Non-Competitive Applications reaches 40%, % of Non-Competitive Applications Allotted will be less than 100%.
The latest SSB (SBAUG26) has a 10-year average return of 2.06% p.a. View Details
The next SSB (SBSEP26) is projected to have a higher 10-year average return. View Projection