10-Year SGS Bond NX24100T (26 Apr 2024) Cut-Off Yield 3.46%
26 Apr 2024
This issue offers investors a cut-off yield of 3.46% p.a., higher than that (3.05% p.a.) of the previous issue, NZ13100V (27 Jun 2023).
The total value of applications in this auction was $5.8B, representing a bid-to-cover ratio of 1.99. This is higher than the $4.7B (bid-to-cover ratio 1.75) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.46% get around 68.91% of the amount applied.
Auction Closed
- Announcement Date
- 22 Apr 2024 Notify me
- Auction Date
- 26 Apr 2024 Notify me
- Issue Date
- 02 May 2024
- Maturity Date
- 02 May 2034
- Issue Code
- NX24100T (New)
- ISIN Code
- SGXF75438295
- Coupon Rate
- 3.375% p.a.
- Coupon Payment Dates
- 01 May and 01 Nov
- Cut-Off Yield
- 3.46% p.a.
- Cut-Off Price
- 99.287
- Median Yield
- 3.44% p.a.
- Median Price
- 99.454
- Average Yield
- 3.33% p.a.
- Average Price
- 100.380
- Total Amount Offered
- $2,900,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Amount Allotted to Non-Competitive Applications
- $507,713,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $5,773,481,000
- % of Competitive Applications at Cut-off Allotted
- 68.91%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.99
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 20 Feb 2025 | 26 Feb 2025 | 03 Mar 2025 | 03 Mar 2035 | New | NX25100H | SGXF25686589 |
Recent SGS Benchmark Yield
| Date | 14 Nov 2024 | 15 Nov 2024 | 18 Nov 2024 | 19 Nov 2024 | 20 Nov 2024 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.95 | 2.91 | 2.89 | 2.88 | 2.89 |
Source: Daily SGS Prices (MAS)
The 10-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 (%) |
|---|---|---|---|---|
| 29 Mar 2021 | NZ10100F | 1.71 | 1.63 | 0.08 |
| 28 Jun 2021 | NX21100N | 1.63 | 1.56 | 0.07 |
| 24 Feb 2022 | NX21100N | 1.89 | 1.96 | -0.07 |
| 27 Jul 2022 | NX22100W | 2.71 | 2.71 | 0.00 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.79 | 0.07 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 0.08 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.41 | 0.05 |
Cut-Off Yield had been in the range of -0.07 to 0.08 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 (%) |
|---|---|---|---|---|
| 29 Mar 2021 | NZ10100F | 1.71 | 1.66 | 1.65 |
| 28 Jun 2021 | NX21100N | 1.63 | 1.60 | 1.55 |
| 24 Feb 2022 | NX21100N | 1.89 | 1.88 | 1.84 |
| 27 Jul 2022 | NX22100W | 2.71 | 2.68 | 2.61 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.81 | 2.75 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 2.77 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.44 | 3.33 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 29 Mar 2021 | NZ10100F | $2,600,000,000 | $4,382,746,000 | 1.69 |
| 28 Jun 2021 | NX21100N | $3,200,000,000 | $7,067,690,000 | 2.21 |
| 24 Feb 2022 | NX21100N | $3,100,000,000 | $7,120,490,000 | 2.30 |
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $6,079,800,000 | 2.10 |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $5,796,941,000 | 1.70 |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $4,738,026,000 | 1.75 |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $5,773,481,000 | 1.99 |
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 |
|---|---|---|---|---|---|
| 29 Mar 2021 | NZ10100F | $2,600,000,000 | $380,255,000 | 14.63% | 100.00% |
| 28 Jun 2021 | NX21100N | $3,200,000,000 | $556,993,000 | 17.41% | 100.00% |
| 24 Feb 2022 | NX21100N | $3,100,000,000 | $649,959,000 | 20.97% | 100.00% |
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $510,121,000 | 17.59% | 100.00% |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $617,542,000 | 18.16% | 100.00% |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $518,879,000 | 19.22% | 100.00% |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $507,713,000 | 17.51% | 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 (SBDEC24) has a 10-year average return of 2.81% p.a. View Details
The next SSB (SBJAN25) is projected to have a higher 10-year average return. View Projection