1-Year T-bill BY23102N (27 Jul 2023) Cut-Off Yield 3.74%
27 Jul 2023
This issue offers investors a cut-off yield of 3.74% p.a., higher than that (3.58% p.a.) of the previous issue, BY23101W (20 Apr 2023).
The total value of applications in this auction was $9.3B, representing a bid-to-cover ratio of 2.11. This is lower than the $12.7B (bid-to-cover ratio 2.96) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.74% get around 75.92% of the amount applied.
Auction Closed
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 12 Oct 2023 | 19 Oct 2023 | 24 Oct 2023 | 22 Oct 2024 | BY23103V Notify me | SGXZ50774546 |
Recent SGS Benchmark Yield
| Date | 19 Sep 2023 | 20 Sep 2023 | 21 Sep 2023 | 22 Sep 2023 | 25 Sep 2023 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 3.68 | 3.68 | 3.68 | 3.68 | 3.68 |
Source: Daily SGS Prices (MAS)
The 1-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 (%) |
|---|---|---|---|---|
| 15 Apr 2021 | BY21101V | 0.43 | 0.38 | 0.05 |
| 22 Jul 2021 | BY21102A | 0.35 | 0.35 | 0.00 |
| 14 Oct 2021 | BY21103E | 0.60 | 0.35 | 0.25 |
| 20 Jan 2022 | BY22100W | 0.75 | 0.52 | 0.23 |
| 13 Apr 2022 | BY22101N | 2.00 | 1.11 | 0.89 |
| 21 Jul 2022 | BY22102V | 3.10 | 2.66 | 0.44 |
| 13 Oct 2022 | BY22103A | 3.72 | 3.33 | 0.39 |
| 26 Jan 2023 | BY23100X | 3.87 | 4.07 | -0.20 |
| 20 Apr 2023 | BY23101W | 3.58 | 3.71 | -0.13 |
| 27 Jul 2023 | BY23102N | 3.74 | 3.66 | 0.08 |
Cut-Off Yield had been in the range of -0.20 to 0.89 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 (%) |
|---|---|---|---|---|
| 15 Apr 2021 | BY21101V | 0.43 | 0.38 | 0.34 |
| 22 Jul 2021 | BY21102A | 0.35 | 0.28 | 0.23 |
| 14 Oct 2021 | BY21103E | 0.60 | 0.38 | 0.36 |
| 20 Jan 2022 | BY22100W | 0.75 | 0.61 | 0.54 |
| 13 Apr 2022 | BY22101N | 2.00 | 1.58 | 1.49 |
| 21 Jul 2022 | BY22102V | 3.10 | 2.96 | 2.82 |
| 13 Oct 2022 | BY22103A | 3.72 | 3.30 | 3.28 |
| 26 Jan 2023 | BY23100X | 3.87 | 3.78 | 3.53 |
| 20 Apr 2023 | BY23101W | 3.58 | 3.50 | 3.27 |
| 27 Jul 2023 | BY23102N | 3.74 | 3.50 | 3.09 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 15 Apr 2021 | BY21101V | $3,600,000,000 | $7,694,226,000 | 2.14 |
| 22 Jul 2021 | BY21102A | $3,700,000,000 | $7,667,723,000 | 2.07 |
| 14 Oct 2021 | BY21103E | $3,600,000,000 | $5,820,868,000 | 1.62 |
| 20 Jan 2022 | BY22100W | $3,200,000,000 | $5,383,615,000 | 1.68 |
| 13 Apr 2022 | BY22101N | $3,800,000,000 | $5,519,839,000 | 1.45 |
| 21 Jul 2022 | BY22102V | $3,700,000,000 | $8,619,057,000 | 2.33 |
| 13 Oct 2022 | BY22103A | $3,700,000,000 | $8,587,751,000 | 2.32 |
| 26 Jan 2023 | BY23100X | $3,600,000,000 | $10,477,816,000 | 2.91 |
| 20 Apr 2023 | BY23101W | $4,300,000,000 | $12,732,598,000 | 2.96 |
| 27 Jul 2023 | BY23102N | $4,400,000,000 | $9,277,171,000 | 2.11 |
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 |
|---|---|---|---|---|---|
| 15 Apr 2021 | BY21101V | $3,600,000,000 | $15,612,000 | 0.43% | 100.00% |
| 22 Jul 2021 | BY21102A | $3,700,000,000 | $25,999,000 | 0.70% | 100.00% |
| 14 Oct 2021 | BY21103E | $3,600,000,000 | $25,709,000 | 0.71% | 100.00% |
| 20 Jan 2022 | BY22100W | $3,200,000,000 | $25,801,000 | 0.81% | 100.00% |
| 13 Apr 2022 | BY22101N | $3,800,000,000 | $4,197,000 | 0.11% | 100.00% |
| 21 Jul 2022 | BY22102V | $3,700,000,000 | $90,796,000 | 2.45% | 100.00% |
| 13 Oct 2022 | BY22103A | $3,700,000,000 | $441,425,000 | 11.93% | 100.00% |
| 26 Jan 2023 | BY23100X | $3,600,000,000 | $643,873,000 | 17.89% | 100.00% |
| 20 Apr 2023 | BY23101W | $4,300,000,000 | $634,194,000 | 14.75% | 100.00% |
| 27 Jul 2023 | BY23102N | $4,400,000,000 | $797,243,000 | 18.12% | 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%.
