10-Year SGS Bond NZ16100X (27 Aug 2026) Cut-Off Yield 2.30%
27 Aug 2026
This issue offers investors a cut-off yield of 2.30% p.a., higher than that (2.09% p.a.) of the previous issue, NX25100H (28 Apr 2026).
The total value of applications in this auction was $3.4B, representing a bid-to-cover ratio of 1.88. This is lower than the $5.8B (bid-to-cover ratio 1.80) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.30% get around 37.81% of the amount applied.
Auction Closed
- Announcement Date
- 21 Aug 2026 Notify me
- Auction Date
- 27 Aug 2026 Notify me
- Issue Date
- 01 Sep 2026
- Maturity Date
- 01 Aug 2036
- Issue Code
- NZ16100X (Reopened)
- Issue No
- 9
- ISIN Code
- SG31A9000002
- Coupon Rate
- 2.250% p.a.
- Coupon Payment Dates
- 01 Aug and 01 Feb
- Cut-Off Yield
- 2.30% p.a.
- Cut-Off Price
- 99.748
- Median Yield
- 2.24% p.a.
- Median Price
- 100.278
- Average Yield
- 2.17% p.a.
- Average Price
- 100.899
- Total Amount Offered
- $1,800,000,000
- MAS's Intended Tender Amount
- $200,000,000
- Accrued Interest Payable by Investor
- 31 Day(s)
- Amount Allotted to Non-Competitive Applications
- $278,467,000
- Amount Allotted to MAS
- $200,000,000
- Total Amount Applied
- $3,381,613,000
- % of Competitive Applications at Cut-off Allotted
- 37.81%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.88
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 07 Sep 2026 | 08 Sep 2026 | 09 Sep 2026 | 10 Sep 2026 | 11 Sep 2026 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 2.37 | 2.36 | 2.36 | 2.40 | 2.46 |
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 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 |
| 27 Aug 2026 | NZ16100X | 2.30 | 2.28 | 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 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 |
| 27 Aug 2026 | NZ16100X | 2.30 | 2.24 | 2.17 |
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 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 |
| 27 Aug 2026 | NZ16100X | $1,800,000,000 | $3,381,613,000 | 1.88 |
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 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% |
| 27 Aug 2026 | NZ16100X | $1,800,000,000 | $278,467,000 | 15.47% | 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 (SBOCT26) has a 10-year average return of 2.32% p.a. View Details
The next SSB (SBNOV26) is projected to have a higher 10-year average return. View Projection