30-Year SGS Bond NA21200W (27 Sep 2023) Cut-Off Yield 3.11%
27 Sep 2023
This issue offers investors a cut-off yield of 3.11% p.a., lower than that (3.28% p.a.) of the previous issue, NA21200W (28 Sep 2022).
The total value of applications in this auction was $3.3B, representing a bid-to-cover ratio of 2.20. This is lower than the $3.9B (bid-to-cover ratio 2.05) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.11% get around 52.36% of the amount applied.
Auction Closed
- Announcement Date
- 20 Sep 2023 Notify me
- Auction Date
- 27 Sep 2023 Notify me
- Issue Date
- 02 Oct 2023
- Maturity Date
- 01 Oct 2051
- Issue Code
- NA21200W (Reopened)
- Issue No
- 3
- ISIN Code
- SGXF89085702
- Coupon Rate
- 1.875% p.a.
- Coupon Payment Dates
- 01 Oct and 01 Apr
- Cut-Off Yield
- 3.11% p.a.
- Cut-Off Price
- 77.031
- Median Yield
- 3.10% p.a.
- Median Price
- 77.190
- Average Yield
- 2.98% p.a.
- Average Price
- 79.123
- Total Amount Offered
- $1,500,000,000
- MAS's Intended Tender Amount
- $0
- Accrued Interest Payable by Investor
- 1 Day(s)
- Amount Allotted to Non-Competitive Applications
- $60,304,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $3,297,097,000
- % of Competitive Applications at Cut-off Allotted
- 52.36%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.20
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 22 Apr 2025 | 28 Apr 2025 | 02 May 2025 | 01 Jun 2054 | Reopen | NA24300E | SGXPK17B11U8 |
Recent SGS Benchmark Yield
| Date | 14 Nov 2024 | 15 Nov 2024 | 18 Nov 2024 | 19 Nov 2024 | 20 Nov 2024 |
|---|---|---|---|---|---|
| 30-Year Yield (%) | 2.89 | 2.86 | 2.84 | 2.81 | 2.81 |
Source: Daily SGS Prices (MAS)
The 30-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 (%) |
|---|---|---|---|---|
| 27 Jan 2021 | NA20100F | 1.40 | 1.40 | 0.00 |
| 28 Sep 2021 | NA21200W | 1.95 | 1.92 | 0.03 |
| 28 Sep 2022 | NA21200W | 3.28 | 3.36 | -0.08 |
| 27 Sep 2023 | NA21200W | 3.11 | 3.15 | -0.04 |
Cut-Off Yield had been in the range of -0.08 to 0.03 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 (%) |
|---|---|---|---|---|
| 27 Jan 2021 | NA20100F | 1.40 | 1.30 | 1.26 |
| 28 Sep 2021 | NA21200W | 1.95 | 1.89 | 1.84 |
| 28 Sep 2022 | NA21200W | 3.28 | 3.24 | 3.18 |
| 27 Sep 2023 | NA21200W | 3.11 | 3.10 | 2.98 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 27 Jan 2021 | NA20100F | $3,100,000,000 | $5,610,711,000 | 1.81 |
| 28 Sep 2021 | NA21200W | $2,600,000,000 | $4,105,487,000 | 1.58 |
| 28 Sep 2022 | NA21200W | $1,900,000,000 | $3,888,506,000 | 2.05 |
| 27 Sep 2023 | NA21200W | $1,500,000,000 | $3,297,097,000 | 2.20 |
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 |
|---|---|---|---|---|---|
| 27 Jan 2021 | NA20100F | $3,100,000,000 | $553,124,000 | 17.84% | 100.00% |
| 28 Sep 2021 | NA21200W | $2,600,000,000 | $207,355,000 | 7.98% | 100.00% |
| 28 Sep 2022 | NA21200W | $1,900,000,000 | $101,594,000 | 5.35% | 100.00% |
| 27 Sep 2023 | NA21200W | $1,500,000,000 | $60,304,000 | 4.02% | 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