15-Year SGS Bond NY25200N (26 Jun 2025) Cut-Off Yield 2.35%
26 Jun 2025
This issue offers investors a cut-off yield of 2.35% p.a., lower than that (3.02% p.a.) of the previous issue, NZ19100S (29 Jul 2024).
The total value of applications in this auction was $2.9B, representing a bid-to-cover ratio of 1.82. This is lower than the $4.2B (bid-to-cover ratio 2.48) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.35% get around 45.80% of the amount applied.
Auction Closed
- Announcement Date
- 20 Jun 2025 Notify me
- Auction Date
- 26 Jun 2025 Notify me
- Issue Date
- 01 Jul 2025
- Maturity Date
- 01 Jul 2040
- Issue Code
- NY25200N (New)
- ISIN Code
- SGXF29838152
- Coupon Rate
- 2.250% p.a.
- Coupon Payment Dates
- 01 Jul and 01 Jan
- Cut-Off Yield
- 2.35% p.a.
- Cut-Off Price
- 98.742
- Median Yield
- 2.29% p.a.
- Median Price
- 99.495
- Average Yield
- 2.27% p.a.
- Average Price
- 99.747
- Total Amount Offered
- $1,600,000,000
- MAS's Intended Tender Amount
- $0
- Amount Allotted to Non-Competitive Applications
- $110,365,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $2,916,991,000
- % of Competitive Applications at Cut-off Allotted
- 45.80%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.82
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 02 Jul 2025 | 03 Jul 2025 | 04 Jul 2025 | 07 Jul 2025 | 08 Jul 2025 |
|---|---|---|---|---|---|
| 15-Year Yield (%) | 2.26 | 2.21 | 2.14 | 2.11 | 2.15 |
Source: Daily SGS Prices (MAS)
The 15-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 Mar 2022 | NZ16100X | 2.57 | 2.59 | -0.02 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.84 | -0.04 |
| 29 Jul 2024 | NZ19100S | 3.02 | 3.07 | -0.05 |
| 26 Jun 2025 | NY25200N | 2.35 | 2.37 | -0.02 |
Cut-Off Yield had been in the range of -0.05 to -0.02 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 Mar 2022 | NZ16100X | 2.57 | 2.53 | 2.47 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.70 | 2.55 |
| 29 Jul 2024 | NZ19100S | 3.02 | 2.99 | 2.95 |
| 26 Jun 2025 | NY25200N | 2.35 | 2.29 | 2.27 |
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 Mar 2022 | NZ16100X | $800,000,000 | $1,729,108,000 | 2.16 |
| 29 Mar 2023 | NZ19100S | $1,400,000,000 | $2,939,959,000 | 2.10 |
| 29 Jul 2024 | NZ19100S | $1,700,000,000 | $4,223,719,000 | 2.48 |
| 26 Jun 2025 | NY25200N | $1,600,000,000 | $2,916,991,000 | 1.82 |
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 Mar 2022 | NZ16100X | $800,000,000 | $49,706,000 | 6.21% | 100.00% |
| 29 Mar 2023 | NZ19100S | $1,400,000,000 | $299,634,000 | 21.40% | 100.00% |
| 29 Jul 2024 | NZ19100S | $1,700,000,000 | $290,880,000 | 17.11% | 100.00% |
| 26 Jun 2025 | NY25200N | $1,600,000,000 | $110,365,000 | 6.90% | 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 (SBAUG25) has a 10-year average return of 2.29% p.a. View Details
The next SSB (SBSEP25) is projected to have a lower 10-year average return. View Projection