15-Year SGS Bond NZ19100S (29 Jul 2024) Cut-Off Yield 3.02%
29 Jul 2024
This issue offers investors a cut-off yield of 3.02% p.a., higher than that (2.80% p.a.) of the previous issue, NZ19100S (29 Mar 2023).
The total value of applications in this auction was $4.2B, representing a bid-to-cover ratio of 2.48. This is higher than the $2.9B (bid-to-cover ratio 2.10) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.02% get around 63.02% of the amount applied.
Auction Closed
- Announcement Date
- 23 Jul 2024 Notify me
- Auction Date
- 29 Jul 2024 Notify me
- Issue Date
- 01 Aug 2024
- Maturity Date
- 01 Jul 2039
- Issue Code
- NZ19100S (Reopened)
- Issue No
- 4
- ISIN Code
- SGXF13029610
- Coupon Rate
- 2.375% p.a.
- Coupon Payment Dates
- 01 Jul and 01 Jan
- Cut-Off Yield
- 3.02% p.a.
- Cut-Off Price
- 92.499
- Median Yield
- 2.99% p.a.
- Median Price
- 92.842
- Average Yield
- 2.95% p.a.
- Average Price
- 93.301
- Total Amount Offered
- $1,700,000,000
- MAS's Intended Tender Amount
- $200,000,000
- Accrued Interest Payable by Investor
- 31 Day(s)
- Amount Allotted to Non-Competitive Applications
- $290,880,000
- Amount Allotted to MAS
- $200,000,000
- Total Amount Applied
- $4,223,719,000
- % of Competitive Applications at Cut-off Allotted
- 63.02%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.48
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 20 Jun 2025 | 26 Jun 2025 | 01 Jul 2025 | 01 Jul 2040 | New | NY25200N | SGXF29838152 |
Recent SGS Benchmark Yield
| Date | 16 Dec 2024 | 17 Dec 2024 | 18 Dec 2024 | 19 Dec 2024 | 20 Dec 2024 |
|---|---|---|---|---|---|
| 15-Year Yield (%) | 2.82 | 2.84 | 2.85 | 2.94 | 3.00 |
Source: Daily SGS Prices (MAS)
The 15-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 (%) |
|---|---|---|---|---|
| 28 Apr 2021 | NZ16100X | 1.95 | 1.96 | -0.01 |
| 29 Mar 2022 | NZ16100X | 2.57 | 2.59 | -0.02 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.84 | -0.04 |
| 29 Jul 2024 | NZ19100S | 3.02 | 3.07 | -0.05 |
Cut-Off Yield had been in the range of -0.05 to -0.01 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 (%) |
|---|---|---|---|---|
| 28 Apr 2021 | NZ16100X | 1.95 | 1.93 | 1.92 |
| 29 Mar 2022 | NZ16100X | 2.57 | 2.53 | 2.47 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.70 | 2.55 |
| 29 Jul 2024 | NZ19100S | 3.02 | 2.99 | 2.95 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 28 Apr 2021 | NZ16100X | $1,700,000,000 | $4,598,066,000 | 2.70 |
| 29 Mar 2022 | NZ16100X | $800,000,000 | $1,729,108,000 | 2.16 |
| 29 Mar 2023 | NZ19100S | $1,400,000,000 | $2,939,959,000 | 2.10 |
| 29 Jul 2024 | NZ19100S | $1,700,000,000 | $4,223,719,000 | 2.48 |
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 |
|---|---|---|---|---|---|
| 28 Apr 2021 | NZ16100X | $1,700,000,000 | $302,828,000 | 17.81% | 100.00% |
| 29 Mar 2022 | NZ16100X | $800,000,000 | $49,706,000 | 6.21% | 100.00% |
| 29 Mar 2023 | NZ19100S | $1,400,000,000 | $299,634,000 | 21.40% | 100.00% |
| 29 Jul 2024 | NZ19100S | $1,700,000,000 | $290,880,000 | 17.11% | 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 (SBJAN25) has a 10-year average return of 2.86% p.a. View Details
The next SSB (SBFEB25) is projected to have a lower 10-year average return. View Projection