5-Year SGS Bond NY14100E (28 Aug 2024) Cut-Off Yield 2.56%
28 Aug 2024
This issue offers investors a cut-off yield of 2.56% p.a., lower than that (3.22% p.a.) of the previous issue, N523100W (26 Jun 2024).
The total value of applications in this auction was $10.9B, representing a bid-to-cover ratio of 3.88. This is higher than the $5.2B (bid-to-cover ratio 2.01) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.56% get around 35.37% of the amount applied.
Auction Closed
- Announcement Date
- 22 Aug 2024 Notify me
- Auction Date
- 28 Aug 2024 Notify me
- Issue Date
- 02 Sep 2024
- Maturity Date
- 01 Jul 2029
- Issue Code
- NY14100E (Reopened)
- Issue No
- 4
- ISIN Code
- SG3263998209
- Coupon Rate
- 2.875% p.a.
- Coupon Payment Dates
- 01 Jul and 01 Jan
- Cut-Off Yield
- 2.56% p.a.
- Cut-Off Price
- 101.912
- Median Yield
- 2.54% p.a.
- Median Price
- 102.003
- Average Yield
- 2.49% p.a.
- Average Price
- 102.231
- Total Amount Offered
- $2,800,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 63 Day(s)
- Amount Allotted to Non-Competitive Applications
- $458,385,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $10,877,466,000
- % of Competitive Applications at Cut-off Allotted
- 35.37%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 3.88
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 20 Mar 2025 | 26 Mar 2025 | 01 Apr 2025 | 01 Apr 2030 | New | N525100T | SGXF69708166 |
Recent SGS Benchmark Yield
| Date | 14 Nov 2024 | 15 Nov 2024 | 18 Nov 2024 | 19 Nov 2024 | 20 Nov 2024 |
|---|---|---|---|---|---|
| 5-Year Yield (%) | 2.86 | 2.84 | 2.83 | 2.81 | 2.83 |
Source: Daily SGS Prices (MAS)
The 5-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 2022 | NZ07100S | 2.32 | 2.26 | 0.06 |
| 27 May 2022 | NX15100Z | 2.33 | 2.46 | -0.13 |
| 29 Aug 2022 | N522100N | 2.92 | 2.75 | 0.17 |
| 26 Apr 2023 | NX18100A | 2.77 | 2.85 | -0.08 |
| 29 May 2023 | N521100V | 3.19 | 3.00 | 0.19 |
| 27 Jul 2023 | N523100W | 2.96 | 3.02 | -0.06 |
| 27 Feb 2024 | N522100N | 3.09 | 3.03 | 0.06 |
| 26 Mar 2024 | N524100X | 3.06 | 3.01 | 0.05 |
| 26 Jun 2024 | N523100W | 3.22 | 3.15 | 0.07 |
| 28 Aug 2024 | NY14100E | 2.56 | 2.65 | -0.09 |
Cut-Off Yield had been in the range of -0.13 to 0.19 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 2022 | NZ07100S | 2.32 | 2.26 | 2.21 |
| 27 May 2022 | NX15100Z | 2.33 | 2.30 | 2.24 |
| 29 Aug 2022 | N522100N | 2.92 | 2.80 | 2.66 |
| 26 Apr 2023 | NX18100A | 2.77 | 2.75 | 2.58 |
| 29 May 2023 | N521100V | 3.19 | 3.10 | 2.89 |
| 27 Jul 2023 | N523100W | 2.96 | 2.90 | 2.65 |
| 27 Feb 2024 | N522100N | 3.09 | 3.03 | 3.00 |
| 26 Mar 2024 | N524100X | 3.06 | 2.95 | 2.94 |
| 26 Jun 2024 | N523100W | 3.22 | 3.18 | 3.04 |
| 28 Aug 2024 | NY14100E | 2.56 | 2.54 | 2.49 |
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 2022 | NZ07100S | $2,400,000,000 | $4,491,298,000 | 1.87 |
| 27 May 2022 | NX15100Z | $2,100,000,000 | $4,510,707,000 | 2.15 |
| 29 Aug 2022 | N522100N | $3,000,000,000 | $5,139,000,000 | 1.71 |
| 26 Apr 2023 | NX18100A | $2,400,000,000 | $6,558,847,000 | 2.73 |
| 29 May 2023 | N521100V | $2,000,000,000 | $4,233,715,000 | 2.12 |
| 27 Jul 2023 | N523100W | $2,500,000,000 | $6,484,751,000 | 2.59 |
| 27 Feb 2024 | N522100N | $1,500,000,000 | $2,709,447,000 | 1.81 |
| 26 Mar 2024 | N524100X | $2,800,000,000 | $5,424,943,000 | 1.94 |
| 26 Jun 2024 | N523100W | $2,600,000,000 | $5,224,024,000 | 2.01 |
| 28 Aug 2024 | NY14100E | $2,800,000,000 | $10,877,466,000 | 3.88 |
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 2022 | NZ07100S | $2,400,000,000 | $330,977,000 | 13.79% | 100.00% |
| 27 May 2022 | NX15100Z | $2,100,000,000 | $425,705,000 | 20.27% | 100.00% |
| 29 Aug 2022 | N522100N | $3,000,000,000 | $412,758,000 | 13.76% | 100.00% |
| 26 Apr 2023 | NX18100A | $2,400,000,000 | $472,787,000 | 19.70% | 100.00% |
| 29 May 2023 | N521100V | $2,000,000,000 | $407,205,000 | 20.36% | 100.00% |
| 27 Jul 2023 | N523100W | $2,500,000,000 | $422,517,000 | 16.90% | 100.00% |
| 27 Feb 2024 | N522100N | $1,500,000,000 | $65,036,000 | 4.34% | 100.00% |
| 26 Mar 2024 | N524100X | $2,800,000,000 | $402,457,000 | 14.37% | 100.00% |
| 26 Jun 2024 | N523100W | $2,600,000,000 | $405,436,000 | 15.59% | 100.00% |
| 28 Aug 2024 | NY14100E | $2,800,000,000 | $458,385,000 | 16.37% | 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