10-Year SGS Bond NX25100H (26 Feb 2025) Closing Soon
20 Feb 2025 (Updated: 23 Feb 2025)
10-Year SGS Bond NX25100H is open for application from 20 Feb 2025. Auction will be conducted on 26 Feb 2025.
A total of $3.2B is offered for this issue, higher than that of $2.9B for the previous issue, NX24100T (26 Apr 2024).
Application typically closes on 25 Feb 2025. Remaining days for you to apply:
- 23 Feb 2025, Sunday
- 24 Feb 2025, Monday
- 25 Feb 2025, Tuesday (last day, apply by 9pm)
CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 20 Feb 2025 Notify me
- Closing Date (Typical)
- 25 Feb 2025 Remind me
- Auction Date
- 26 Feb 2025 Notify me
- Issue Date
- 03 Mar 2025
- Maturity Date
- 03 Mar 2035
- Issue Code
- NX25100H (New)
- ISIN Code
- SGXF25686589
- Coupon Rate
- To be determined at auction
- Coupon Payment Dates
- 01 Mar and 01 Sep
- Total Amount Offered
- $3,200,000,000
- MAS's Intended Tender Amount
- $300,000,000
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 23 Oct 2025 | 29 Oct 2025 | 03 Nov 2025 | 01 Aug 2036 | Reopen | NZ16100X | SG31A9000002 |
Recent SGS Benchmark Yield
| Date | 17 Feb 2025 | 18 Feb 2025 | 19 Feb 2025 | 20 Feb 2025 | 21 Feb 2025 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.84 | 2.87 | 2.90 | 2.88 | 2.88 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 10-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
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 (SBMAR25) has a 10-year average return of 2.97% p.a. View Details
The next SSB (SBAPR25) is projected to have a lower 10-year average return. View Projection