2-year SGS Bond
N297101T
Originally auctioned 26 Aug 1997 · Matures 01 Sept 1999 · matured left
Latest cutoff yield
3.14%
Auctioned 07 Oct 1997 (reopening)
Issue details
- Fixed coupon:
- 2.75% · paid 01 Mar / 01 Sep
- Tenor:
- 2 years
- Outstanding:
- S$1.1B
- Auctions held:
- 2 (1 original + 1 reopening)
Auction history for this issue
| Auction date | Type | Cutoff | Median | B/C | This auction |
|---|---|---|---|---|---|
| 07 Oct 1997 | reopen | 3.14% | — | 2.75 | S$150M |
| 26 Aug 1997 | new issue | 3.30% | — | 1.19 | S$980M |
2-year SGS cutoff yield history
Latest auction in context
- Yield change: The 3.14% cutoff is 16 bp lower than the prior reopening of this issue (3.30% on 26 Aug 1997).
- Price vs par: The bond cleared at S$99.58 per S$100 face value — a discount, because the 2.75% fixed coupon is below the 3.14% market yield. The lower price compensates for the smaller coupon.
- Issue history: This issue has been reopened 1 time since the original auction on 26 Aug 1997. 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 (2.75% 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 N297101T mature?
- N297101T matures on 01 Sept 1999. 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 N297101T?
- N297101T pays a fixed coupon of 2.75% 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 N297101T's coupon compare to the current 2-year SGS benchmark yield?
- N297101T's fixed coupon of 2.75% is 117 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 N297101T?
- N297101T has already been issued (most recent auction 07 Oct 1997). 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
- ← N297100H — 1.93% cutoff
- N298100S → — 3.23% cutoff
- Latest 2-year: N523100W — 1.60% cutoff
- All SGS bonds →
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