10-Year SGS Bond NZ13100V (27 Jun 2023) Cut-Off Yield 3.05%
27 Jun 2023
This issue offers investors a cut-off yield of 3.05% p.a., higher than that (2.86% p.a.) of the previous issue, NX22100W (27 Jan 2023).
The total value of applications in this auction was $4.7B, representing a bid-to-cover ratio of 1.75. This is lower than the $5.8B (bid-to-cover ratio 1.70) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.05% get around 3.12% of the amount applied.
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Recent SGS Benchmark Yield
| Date | 19 Sep 2023 | 20 Sep 2023 | 21 Sep 2023 | 22 Sep 2023 | 25 Sep 2023 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 3.33 | 3.37 | 3.41 | 3.42 | 3.43 |
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 (%) |
|---|---|---|---|---|
| 29 Jan 2020 | NY14100E | 1.64 | 1.58 | 0.06 |
| 28 Jul 2020 | NZ10100F | 0.93 | 0.83 | 0.10 |
| 29 Mar 2021 | NZ10100F | 1.71 | 1.63 | 0.08 |
| 28 Jun 2021 | NX21100N | 1.63 | 1.56 | 0.07 |
| 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 |
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 Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
|---|---|---|---|---|
| 29 Jan 2020 | NY14100E | 1.64 | 1.60 | 1.56 |
| 28 Jul 2020 | NZ10100F | 0.93 | 0.88 | 0.87 |
| 29 Mar 2021 | NZ10100F | 1.71 | 1.66 | 1.65 |
| 28 Jun 2021 | NX21100N | 1.63 | 1.60 | 1.55 |
| 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 |
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 Jan 2020 | NY14100E | $2,500,000,000 | $4,807,306,000 | 1.92 |
| 28 Jul 2020 | NZ10100F | $2,700,000,000 | $4,642,674,000 | 1.72 |
| 29 Mar 2021 | NZ10100F | $2,600,000,000 | $4,382,746,000 | 1.69 |
| 28 Jun 2021 | NX21100N | $3,200,000,000 | $7,067,690,000 | 2.21 |
| 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 |
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 Jan 2020 | NY14100E | $2,500,000,000 | $330,207,000 | 13.21% | 100.00% |
| 28 Jul 2020 | NZ10100F | $2,700,000,000 | $343,696,000 | 12.73% | 100.00% |
| 29 Mar 2021 | NZ10100F | $2,600,000,000 | $380,255,000 | 14.63% | 100.00% |
| 28 Jun 2021 | NX21100N | $3,200,000,000 | $556,993,000 | 17.41% | 100.00% |
| 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% |
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%.
