2-Year SGS Bond NZ07100S (27 Jan 2025) Closing Soon
21 Jan 2025 (Updated: 22 Jan 2025)
2-Year SGS Bond NZ07100S is open for application from 21 Jan 2025. Auction will be conducted on 27 Jan 2025.
A total of $2.7B is offered for this issue, lower than that of $2.9B for the previous issue, N521100V (29 May 2024).
Application typically closes on 24 Jan 2025. Remaining days for you to apply:
- 22 Jan 2025, Wednesday
- 23 Jan 2025, Thursday
- 24 Jan 2025, Friday (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
- 21 Jan 2025 Notify me
- Closing Date (Typical)
- 24 Jan 2025 Remind me
- Auction Date
- 27 Jan 2025 Notify me
- Issue Date
- 03 Feb 2025
- Maturity Date
- 01 Mar 2027
- Issue Code
- NZ07100S (Reopened)
- Issue No
- 7
- ISIN Code
- SG7J60932174
- Coupon Rate
- 3.500% p.a.
- Coupon Payment Dates
- 01 Sep and 01 Mar
- Total Amount Offered
- $2,700,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 155 Day(s)
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 23 Jul 2025 | 29 Jul 2025 | 01 Aug 2025 | 01 Sep 2027 | Reopen | N522100N | SGXF33080817 |
Recent SGS Benchmark Yield
| Date | 15 Jan 2025 | 16 Jan 2025 | 17 Jan 2025 | 20 Jan 2025 | 21 Jan 2025 |
|---|---|---|---|---|---|
| 2-Year Yield (%) | 2.97 | 2.90 | 2.87 | 2.89 | 2.85 |
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 2-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 (%) |
|---|---|---|---|---|
| 24 Feb 2021 | N518100E | 0.41 | 0.37 | 0.04 |
| 27 May 2021 | N519100A | 0.46 | 0.36 | 0.10 |
| 28 Sep 2021 | N519100A | 0.58 | 0.41 | 0.17 |
| 27 Apr 2022 | N519100A | 2.00 | 2.01 | -0.01 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.49 | 0.21 |
| 24 Feb 2023 | NX15100Z | 3.66 | 3.40 | 0.26 |
| 29 Aug 2023 | N520100A | 3.56 | 3.68 | -0.12 |
| 29 Jan 2024 | NX16100F | 3.04 | 3.26 | -0.22 |
| 29 May 2024 | N521100V | 3.46 | 3.46 | 0.00 |
Cut-Off Yield had been in the range of -0.22 to 0.26 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 (%) |
|---|---|---|---|---|
| 24 Feb 2021 | N518100E | 0.41 | 0.38 | 0.35 |
| 27 May 2021 | N519100A | 0.46 | 0.43 | 0.42 |
| 28 Sep 2021 | N519100A | 0.58 | 0.53 | 0.52 |
| 27 Apr 2022 | N519100A | 2.00 | 1.95 | 1.87 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.65 | 2.54 |
| 24 Feb 2023 | NX15100Z | 3.66 | 3.49 | 3.37 |
| 29 Aug 2023 | N520100A | 3.56 | 3.54 | 3.20 |
| 29 Jan 2024 | NX16100F | 3.04 | 2.99 | 2.92 |
| 29 May 2024 | N521100V | 3.46 | 3.38 | 3.31 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 24 Feb 2021 | N518100E | $2,800,000,000 | $5,832,350,000 | 2.08 |
| 27 May 2021 | N519100A | $1,300,000,000 | $2,639,208,000 | 2.03 |
| 28 Sep 2021 | N519100A | $2,800,000,000 | $4,568,976,000 | 1.63 |
| 27 Apr 2022 | N519100A | $2,900,000,000 | $5,392,370,000 | 1.86 |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $5,104,354,000 | 1.96 |
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $5,427,425,000 | 1.70 |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $6,320,649,000 | 2.53 |
| 29 Jan 2024 | NX16100F | $3,000,000,000 | $9,597,922,000 | 3.20 |
| 29 May 2024 | N521100V | $2,900,000,000 | $6,040,660,000 | 2.08 |
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 |
|---|---|---|---|---|---|
| 24 Feb 2021 | N518100E | $2,800,000,000 | $329,325,000 | 11.76% | 100.00% |
| 27 May 2021 | N519100A | $1,300,000,000 | $83,888,000 | 6.45% | 100.00% |
| 28 Sep 2021 | N519100A | $2,800,000,000 | $365,367,000 | 13.05% | 100.00% |
| 27 Apr 2022 | N519100A | $2,900,000,000 | $516,017,000 | 17.79% | 100.00% |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $448,796,000 | 17.26% | 100.00% |
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $502,739,000 | 15.71% | 100.00% |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $405,873,000 | 16.23% | 100.00% |
| 29 Jan 2024 | NX16100F | $3,000,000,000 | $472,361,000 | 15.75% | 100.00% |
| 29 May 2024 | N521100V | $2,900,000,000 | $428,275,000 | 14.77% | 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 (SBFEB25) has a 10-year average return of 2.82% p.a. View Details
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