10-Year SGS Bond NX24100T (28 May 2025) Cut-Off Yield 2.40%
28 May 2025
This issue offers investors a cut-off yield of 2.40% p.a., lower than that (2.79% p.a.) of the previous issue, NX25100H (26 Feb 2025).
The total value of applications in this auction was $2.2B, representing a bid-to-cover ratio of 2.46. This is lower than the $6.5B (bid-to-cover ratio 2.03) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.40% get around 53.63% of the amount applied.
Auction Closed
- Announcement Date
- 22 May 2025 Notify me
- Auction Date
- 28 May 2025 Notify me
- Issue Date
- 02 Jun 2025
- Maturity Date
- 01 May 2034
- Issue Code
- NX24100T (Reopened)
- Issue No
- 2
- ISIN Code
- SGXF75438295
- Coupon Rate
- 3.375% p.a.
- Coupon Payment Dates
- 01 May and 01 Nov
- Cut-Off Yield
- 2.40% p.a.
- Cut-Off Price
- 108.073
- Median Yield
- 2.38% p.a.
- Median Price
- 108.240
- Average Yield
- 2.32% p.a.
- Average Price
- 108.742
- Total Amount Offered
- $900,000,000
- MAS's Intended Tender Amount
- $0
- Accrued Interest Payable by Investor
- 32 Day(s)
- Amount Allotted to Non-Competitive Applications
- $52,108,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $2,213,924,000
- % of Competitive Applications at Cut-off Allotted
- 53.63%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.46
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 23 Oct 2025 | 29 Oct 2025 | 03 Nov 2025 | 01 Aug 2036 | Reopen | NZ16100X | SG31A9000002 |
Recent SGS Benchmark Yield
| Date | 07 Jul 2025 | 08 Jul 2025 | 09 Jul 2025 | 10 Jul 2025 | 11 Jul 2025 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.06 | 2.10 | 2.12 | 2.11 | 2.18 |
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 Date | Issue Code | Cut-Off Yield (%) | Previous Day Benchmark Yield (%) | Difference (%) |
|---|---|---|---|---|
| 24 Feb 2022 | NX21100N | 1.89 | 1.96 | -0.07 |
| 27 Jul 2022 | NX22100W | 2.71 | 2.71 | 0.00 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.79 | 0.07 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 0.08 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.41 | 0.05 |
| 26 Feb 2025 | NX25100H | 2.79 | 2.82 | -0.03 |
| 28 May 2025 | NX24100T | 2.40 | 2.41 | -0.01 |
Cut-Off Yield had been in the range of -0.07 to 0.08 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 2022 | NX21100N | 1.89 | 1.88 | 1.84 |
| 27 Jul 2022 | NX22100W | 2.71 | 2.68 | 2.61 |
| 27 Jan 2023 | NX22100W | 2.86 | 2.81 | 2.75 |
| 27 Jun 2023 | NZ13100V | 3.05 | 2.97 | 2.77 |
| 26 Apr 2024 | NX24100T | 3.46 | 3.44 | 3.33 |
| 26 Feb 2025 | NX25100H | 2.79 | 2.75 | 2.71 |
| 28 May 2025 | NX24100T | 2.40 | 2.38 | 2.32 |
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 2022 | NX21100N | $3,100,000,000 | $7,120,490,000 | 2.30 |
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $6,079,800,000 | 2.10 |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $5,796,941,000 | 1.70 |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $4,738,026,000 | 1.75 |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $5,773,481,000 | 1.99 |
| 26 Feb 2025 | NX25100H | $3,200,000,000 | $6,501,458,000 | 2.03 |
| 28 May 2025 | NX24100T | $900,000,000 | $2,213,924,000 | 2.46 |
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 2022 | NX21100N | $3,100,000,000 | $649,959,000 | 20.97% | 100.00% |
| 27 Jul 2022 | NX22100W | $2,900,000,000 | $510,121,000 | 17.59% | 100.00% |
| 27 Jan 2023 | NX22100W | $3,400,000,000 | $617,542,000 | 18.16% | 100.00% |
| 27 Jun 2023 | NZ13100V | $2,700,000,000 | $518,879,000 | 19.22% | 100.00% |
| 26 Apr 2024 | NX24100T | $2,900,000,000 | $507,713,000 | 17.51% | 100.00% |
| 26 Feb 2025 | NX25100H | $3,200,000,000 | $503,651,000 | 15.74% | 100.00% |
| 28 May 2025 | NX24100T | $900,000,000 | $52,108,000 | 5.79% | 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 (SBAUG25) has a 10-year average return of 2.29% p.a. View Details
The next SSB (SBSEP25) is projected to have a lower 10-year average return. View Projection