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) · median 0.00%
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% | 0.00% | 2.75 | S$150M |
| 26 Aug 1997 | new issue | 3.30% | 0.00% | 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.
Learn more
- The full SG retail fixed-income landscape — where SGS bonds sit alongside SSB, T-bills, FDs, MMFs, and CPF.
- Singapore T-bill auctions explained — same MAS uniform-price auction format applies to SGS bonds.
- SSB vs T-bill — the broader retail-bond decision framework, with SGS noted as the long-tenor option.