What happened?

The results of the latest reopened 2-year SGS bond auction are out. The reopened 2-year Singapore Government Securities bond (N524100X) offered a cut-off yield of 1.84% in the auction on 29 July 2026. Following our previous article sharing about the 2-year SGS bond, I have seen a fair amount of discussion in the Beansprout community about the auction.  In this article, I will look at what drove the latest SGS bond auction result, what the result means for successful applicants and and whether there are better alternatives to park our cash. Source: MAS

What we learnt from the latest 2-year SGS bond auction

#1 – Demand for the SGS bond remained healthy

Investors applied for S$6.64 billion of the reopened 2-year SGS bond (N524100X), compared with the S$3.0 billion offered. This represents a bid-to-cover ratio of 2.21 times, meaning the amount applied for was more than twice...