15-Year SGS Bond NY25200N (28 Sep 2026) Cut-Off Yield 2.65%
28 Sep 2026
This issue offers investors a cut-off yield of 2.65% p.a., higher than that (2.35% p.a.) of the previous issue, NY25200N (26 Jun 2025).
The total value of applications in this auction was $2.1B, representing a bid-to-cover ratio of 1.60. This is lower than the $2.9B (bid-to-cover ratio 1.82) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.65% get around 55.17% of the amount applied.
Auction Closed
- Announcement Date
- 22 Sep 2026 Notify me
- Auction Date
- 28 Sep 2026 Notify me
- Issue Date
- 01 Oct 2026
- Maturity Date
- 01 Jul 2040
- Issue Code
- NY25200N (Reopened)
- Issue No
- 2
- ISIN Code
- SGXF29838152
- Coupon Rate
- 2.250% p.a.
- Coupon Payment Dates
- 01 Jul and 01 Jan
- Cut-Off Yield
- 2.65% p.a.
- Cut-Off Price
- 95.976
- Median Yield
- 2.59% p.a.
- Median Price
- 96.648
- Average Yield
- 2.55% p.a.
- Average Price
- 97.099
- Total Amount Offered
- $1,300,000,000
- MAS's Intended Tender Amount
- $0
- Accrued Interest Payable by Investor
- 92 Day(s)
- Amount Allotted to Non-Competitive Applications
- $44,486,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $2,082,381,000
- % of Competitive Applications at Cut-off Allotted
- 55.17%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.60
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 02 Nov 2026 | 03 Nov 2026 | 04 Nov 2026 | 05 Nov 2026 | 06 Nov 2026 |
|---|---|---|---|---|---|
| 15-Year Yield (%) | 2.28 | 2.25 | 2.22 | 2.18 | 2.13 |
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 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 |
| 28 Sep 2026 | NY25200N | 2.65 | 2.51 | 0.14 |
Cut-Off Yield had been in the range of -0.05 to 0.14 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 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 |
| 28 Sep 2026 | NY25200N | 2.65 | 2.59 | 2.55 |
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 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 |
| 28 Sep 2026 | NY25200N | $1,300,000,000 | $2,082,381,000 | 1.60 |
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 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% |
| 28 Sep 2026 | NY25200N | $1,300,000,000 | $44,486,000 | 3.42% | 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 (SBDEC26) has a 10-year average return of 2.39% p.a. View Details
The next SSB (SBJAN27) is projected to have a lower 10-year average return. View Projection