10-Year SGS Bond NX24100T (26 Apr 2024) Cut-Off Yield 3.46%

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26 Apr 2024

This issue offers investors a cut-off yield of 3.46% p.a., higher than that (3.05% p.a.) of the previous issue, NZ13100V (27 Jun 2023).

The total value of applications in this auction was $5.8B, representing a bid-to-cover ratio of 1.99. This is higher than the $4.7B (bid-to-cover ratio 1.75) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.46% get around 68.91% of the amount applied.

Auction Closed

Announcement Date
22 Apr 2024 Notify me
Auction Date
26 Apr 2024 Notify me
Issue Date
02 May 2024
Maturity Date
02 May 2034
Issue Code
NX24100T (New)
ISIN Code
SGXF75438295
Coupon Rate
3.375% p.a.
Coupon Payment Dates
01 May and 01 Nov
Cut-Off Yield
3.46% p.a.
Cut-Off Price
99.287
Median Yield
3.44% p.a.
Median Price
99.454
Average Yield
3.33% p.a.
Average Price
100.380
Total Amount Offered
$2,900,000,000
MAS's Intended Tender Amount
$300,000,000
Amount Allotted to Non-Competitive Applications
$507,713,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$5,773,481,000
% of Competitive Applications at Cut-off Allotted
68.91%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
1.99

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Recent SGS Benchmark Yield

Date13 May 202414 May 202415 May 202416 May 202417 May 2024
10-Year Yield (%)3.333.323.273.193.20

Source: Daily SGS Prices (MAS)

The 10-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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
28 Jul 2020NZ10100F0.930.830.10
29 Mar 2021NZ10100F1.711.630.08
28 Jun 2021NX21100N1.631.560.07
24 Feb 2022NX21100N1.891.96-0.07
27 Jul 2022NX22100W2.712.710.00
27 Jan 2023NX22100W2.862.790.07
27 Jun 2023NZ13100V3.052.970.08
26 Apr 2024NX24100T3.463.410.05

Cut-Off Yield had been in the range of -0.07 to 0.10 of Previous Day Benchmark Yield in the auctions above.

Cut-Off Yield, Median Yield, Average Yield

Auction DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
28 Jul 2020NZ10100F0.930.880.87
29 Mar 2021NZ10100F1.711.661.65
28 Jun 2021NX21100N1.631.601.55
24 Feb 2022NX21100N1.891.881.84
27 Jul 2022NX22100W2.712.682.61
27 Jan 2023NX22100W2.862.812.75
27 Jun 2023NZ13100V3.052.972.77
26 Apr 2024NX24100T3.463.443.33

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
28 Jul 2020NZ10100F$2,700,000,000$4,642,674,0001.72
29 Mar 2021NZ10100F$2,600,000,000$4,382,746,0001.69
28 Jun 2021NX21100N$3,200,000,000$7,067,690,0002.21
24 Feb 2022NX21100N$3,100,000,000$7,120,490,0002.30
27 Jul 2022NX22100W$2,900,000,000$6,079,800,0002.10
27 Jan 2023NX22100W$3,400,000,000$5,796,941,0001.70
27 Jun 2023NZ13100V$2,700,000,000$4,738,026,0001.75
26 Apr 2024NX24100T$2,900,000,000$5,773,481,0001.99

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
28 Jul 2020NZ10100F$2,700,000,000$343,696,00012.73%100.00%
29 Mar 2021NZ10100F$2,600,000,000$380,255,00014.63%100.00%
28 Jun 2021NX21100N$3,200,000,000$556,993,00017.41%100.00%
24 Feb 2022NX21100N$3,100,000,000$649,959,00020.97%100.00%
27 Jul 2022NX22100W$2,900,000,000$510,121,00017.59%100.00%
27 Jan 2023NX22100W$3,400,000,000$617,542,00018.16%100.00%
27 Jun 2023NZ13100V$2,700,000,000$518,879,00019.22%100.00%
26 Apr 2024NX24100T$2,900,000,000$507,713,00017.51%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%.

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