10-Year SGS Bond NZ16100X (29 Oct 2025) Cut-Off Yield 1.99%
29 Oct 2025
This issue offers investors a cut-off yield of 1.99% p.a., lower than that (2.40% p.a.) of the previous issue, NX24100T (28 May 2025).
The total value of applications in this auction was $4.2B, representing a bid-to-cover ratio of 1.69. This is higher than the $2.2B (bid-to-cover ratio 2.46) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 1.99% get around 76.93% of the amount applied.
Auction Closed
- Announcement Date
- 23 Oct 2025 Notify me
- Auction Date
- 29 Oct 2025 Notify me
- Issue Date
- 03 Nov 2025
- Maturity Date
- 01 Aug 2036
- Issue Code
- NZ16100X (Reopened)
- Issue No
- 8
- ISIN Code
- SG31A9000002
- Coupon Rate
- 2.250% p.a.
- Coupon Payment Dates
- 01 Aug and 01 Feb
- Cut-Off Yield
- 1.99% p.a.
- Cut-Off Price
- 103.078
- Median Yield
- 1.89% p.a.
- Median Price
- 104.059
- Average Yield
- 1.89% p.a.
- Average Price
- 104.059
- Total Amount Offered
- $2,500,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 94 Day(s)
- Amount Allotted to Non-Competitive Applications
- $386,303,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $4,232,382,000
- % of Competitive Applications at Cut-off Allotted
- 76.93%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.69
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 22 Apr 2026 | 28 Apr 2026 | 04 May 2026 | 01 Mar 2035 | Reopen | NX25100H | SGXF25686589 |
Recent SGS Benchmark Yield
| Date | 11 Nov 2025 | 12 Nov 2025 | 13 Nov 2025 | 14 Nov 2025 | 17 Nov 2025 |
|---|---|---|---|---|---|
| 10-Year Yield (%) | 1.95 | 1.94 | 1.94 | 1.94 | 1.96 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 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 |
Cut-Off Yield had been in the range of -0.07 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 (%) |
|---|---|---|---|---|
| 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 |
| 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 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 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 |
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 |
|---|---|---|---|---|---|
| 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% |
| 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% |
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 (SBDEC25) has a 10-year average return of 1.85% p.a. View Details
The next SSB (SBJAN26) is projected to have a higher 10-year average return. View Projection