10-Year SGS Bond NZ13100V (27 Jun 2023) Cut-Off Yield 3.05%

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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.

Auction Closed

Announcement Date
20 Jun 2023 Notify me
Auction Date
27 Jun 2023 Notify me
Issue Date
03 Jul 2023
Maturity Date
01 Sep 2033
Issue Code
NZ13100V (Reopened)
Issue No
6
ISIN Code
SG3261987691
Coupon Rate
3.375% p.a.
Coupon Payment Dates
01 Mar and 01 Sep
Cut-Off Yield
3.05% p.a.
Cut-Off Price
103.956
Median Yield
2.97% p.a.
Median Price
104.665
Average Yield
2.77% p.a.
Average Price
106.462
Total Amount Offered
$2,700,000,000
MAS's Intended Tender Amount
$400,000,000
Accrued Interest Payable by Investor
124 Day(s)
Amount Allotted to Non-Competitive Applications
$518,879,000
Amount Allotted to MAS
$400,000,000
Total Amount Applied
$4,738,026,000
% of Competitive Applications at Cut-off Allotted
3.12%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
1.75

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Upcoming Auctions

AnnouncementAuctionIssueMaturityNew/ReopenCodeISIN
22 Apr 202426 Apr 202402 May 202402 May 2034NewNX24100TSGXF75438295

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Recent SGS Benchmark Yield

Date05 Apr 202408 Apr 202409 Apr 202411 Apr 202412 Apr 2024
10-Year Yield (%)3.213.293.263.393.33

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

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

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

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%

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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