10-Year SGS Bond NX25100H (28 Apr 2026) Cut-Off Yield 2.09%
28 Apr 2026
This issue offers investors a cut-off yield of 2.09% p.a., higher than that (1.99% p.a.) of the previous issue, NZ16100X (29 Oct 2025).
The total value of applications in this auction was $5.8B, representing a bid-to-cover ratio of 1.80. This is higher than the $4.2B (bid-to-cover ratio 1.69) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.09% get around 75.85% of the amount applied.
Auction Closed
- Announcement Date
- 22 Apr 2026 Notify me
- Auction Date
- 28 Apr 2026 Notify me
- Issue Date
- 04 May 2026
- Maturity Date
- 01 Mar 2035
- Issue Code
- NX25100H (Reopened)
- Issue No
- 2
- ISIN Code
- SGXF25686589
- Coupon Rate
- 2.750% p.a.
- Coupon Payment Dates
- 01 Mar and 01 Sep
- Cut-Off Yield
- 2.09% p.a.
- Cut-Off Price
- 105.771
- Median Yield
- 2.05% p.a.
- Median Price
- 106.102
- Average Yield
- 2.03% p.a.
- Average Price
- 106.268
- Total Amount Offered
- $3,200,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 64 Day(s)
- Amount Allotted to Non-Competitive Applications
- $442,908,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $5,757,146,000
- % of Competitive Applications at Cut-off Allotted
- 75.85%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.80
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 21 Aug 2026 | 27 Aug 2026 | 01 Sep 2026 | 01 Aug 2036 | Reopen | NZ16100X | SG31A9000002 |
Recent SGS Benchmark Yield
| Date | 07 May 2026 | 08 May 2026 | 11 May 2026 | 12 May 2026 | 13 May 2026 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.08 | 2.08 | 2.07 | 2.07 | 2.06 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 29 Oct 2025 | NZ16100X | 1.99 | 1.83 | 0.16 |
| 28 Apr 2026 | NX25100H | 2.09 | 2.11 | -0.02 |
Cut-Off Yield had been in the range of -0.03 to 0.16 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 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 |
| 29 Oct 2025 | NZ16100X | 1.99 | 1.89 | 1.89 |
| 28 Apr 2026 | NX25100H | 2.09 | 2.05 | 2.03 |
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 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 |
| 29 Oct 2025 | NZ16100X | $2,500,000,000 | $4,232,382,000 | 1.69 |
| 28 Apr 2026 | NX25100H | $3,200,000,000 | $5,757,146,000 | 1.80 |
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 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% |
| 29 Oct 2025 | NZ16100X | $2,500,000,000 | $386,303,000 | 15.45% | 100.00% |
| 28 Apr 2026 | NX25100H | $3,200,000,000 | $442,908,000 | 13.84% | 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 (SBJUN26) has a 10-year average return of 2.11% p.a. View Details
The next SSB (SBJUL26) is projected to have a lower 10-year average return. View Projection