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.

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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Recent SGS Benchmark Yield

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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

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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

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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

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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

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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%.