2-year SGS Bond
N289100E
Originally auctioned 04 Apr 1989 · Matures 01 Apr 1991 · matured left
Latest cutoff yield
5.00%
Auctioned 04 Apr 1989 (original issue)
Issue details
- Fixed coupon:
- 4.88%
- Tenor:
- 2 years
- Outstanding:
- S$500M
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 04 Apr 1989 | new issue | 5.00% | — | 3.18 | S$500M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 5.00% cutoff is 10 bp higher than the previous 2-year SGS auction (N288101Z, 4.90% on 06 Dec 1988).
- Price vs par: The bond cleared at S$99.77 per S$100 face value — a discount, because the 4.88% fixed coupon is below the 5.00% market yield. The lower price compensates for the smaller coupon.
Descriptive observations from MAS auction history — not forecasts or recommendations.
About SGS Bonds
SGS Bonds pay the fixed coupon (4.88% 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 N289100E mature?
- N289100E matures on 01 Apr 1991. 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 N289100E?
- N289100E pays a fixed coupon of 4.88% 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 N289100E's coupon compare to the current 2-year SGS benchmark yield?
- N289100E's fixed coupon of 4.88% is 330 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 N289100E?
- N289100E has already been issued (most recent auction 04 Apr 1989). 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
- ← N288101Z — 4.90% cutoff
- N289101F → — 4.70% 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 →