2-Year SGS Bond NX18100A (25 Feb 2026) Cut-Off Yield 1.40%
25 Feb 2026
This issue offers investors a cut-off yield of 1.40% p.a., lower than that (1.67% p.a.) of the previous issue, N522100N (29 Jul 2025).
The total value of applications in this auction was $6.2B, representing a bid-to-cover ratio of 1.89. This is lower than the $7.5B (bid-to-cover ratio 2.59) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.40% get around 9.35% of the amount applied.
Auction Closed
- Announcement Date
- 19 Feb 2026 Notify me
- Auction Date
- 25 Feb 2026 Notify me
- Issue Date
- 02 Mar 2026
- Maturity Date
- 01 May 2028
- Issue Code
- NX18100A (Reopened)
- Issue No
- 4
- ISIN Code
- SG31B7000002
- Coupon Rate
- 2.625% p.a.
- Coupon Payment Dates
- 01 Nov and 01 May
- Cut-Off Yield
- 1.40% p.a.
- Cut-Off Price
- 103.480
- Median Yield
- 1.34% p.a.
- Median Price
- 103.610
- Average Yield
- 1.33% p.a.
- Average Price
- 103.632
- Total Amount Offered
- $3,300,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 121 Day(s)
- Amount Allotted to Non-Competitive Applications
- $422,483,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $6,229,989,000
- % of Competitive Applications at Cut-off Allotted
- 9.35%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.89
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 20 May 2026 | 26 May 2026 | 02 Jun 2026 | 01 Aug 2028 | Reopen | N523100W | SGXF51035222 |
Recent SGS Benchmark Yield
| Date | 30 Mar 2026 | 31 Mar 2026 | 01 Apr 2026 | 02 Apr 2026 | 06 Apr 2026 |
|---|---|---|---|---|---|
| 2-Year Yield (%) | 1.67 | 1.61 | 1.54 | 1.58 | 1.56 |
Source: Daily SGS Prices (MAS)
The 2-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
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 (%) |
|---|---|---|---|---|
| 27 Apr 2022 | N519100A | 2.00 | 2.01 | -0.01 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.49 | 0.21 |
| 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 |
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 (%) |
|---|---|---|---|---|
| 27 Apr 2022 | N519100A | 2.00 | 1.95 | 1.87 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.65 | 2.54 |
| 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 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 27 Apr 2022 | N519100A | $2,900,000,000 | $5,392,370,000 | 1.86 |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $5,104,354,000 | 1.96 |
| 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 |
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 |
|---|---|---|---|---|---|
| 27 Apr 2022 | N519100A | $2,900,000,000 | $516,017,000 | 17.79% | 100.00% |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $448,796,000 | 17.26% | 100.00% |
| 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% |
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 (SBMAY26) has a 10-year average return of 2.14% p.a. View Details
The next SSB (SBJUN26) is projected to have a higher 10-year average return. View Projection