15-Year SGS Bond NZ19100S (29 Mar 2023) Cut-Off Yield 2.80%

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29 Mar 2023

This issue offers investors a cut-off yield of 2.80% p.a., higher than that (2.57% p.a.) of the previous issue, NZ16100X (29 Mar 2022).

The total value of applications in this auction was $2.9B, representing a bid-to-cover ratio of 2.10. This is higher than the $1.7B (bid-to-cover ratio 2.16) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.80% get around 84.78% of the amount applied.

Auction Closed

Announcement Date
22 Mar 2023 Notify me
Auction Date
29 Mar 2023 Notify me
Issue Date
03 Apr 2023
Maturity Date
01 Jul 2039
Issue Code
NZ19100S (Reopened)
Issue No
3
ISIN Code
SGXF13029610
Coupon Rate
2.375% p.a.
Coupon Payment Dates
01 Jan and 01 Jul
Cut-Off Yield
2.80% p.a.
Cut-Off Price
95.085
Median Yield
2.70% p.a.
Median Price
96.351
Average Yield
2.55% p.a.
Average Price
98.286
Total Amount Offered
$1,400,000,000
MAS's Intended Tender Amount
$200,000,000
Accrued Interest Payable by Investor
92 Day(s)
Amount Allotted to Non-Competitive Applications
$299,634,000
Amount Allotted to MAS
$200,000,000
Total Amount Applied
$2,939,959,000
% of Competitive Applications at Cut-off Allotted
84.78%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.10

View Past Auctions

Upcoming Auctions

AnnouncementAuctionIssueMaturityNew/ReopenCodeISIN
23 Jul 202429 Jul 202401 Aug 202401 Jul 2039ReopenNZ19100SSGXF13029610

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Recent SGS Benchmark Yield

Date05 Apr 202408 Apr 202409 Apr 202411 Apr 202412 Apr 2024
15-Year Yield (%)3.183.253.223.343.27

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
27 May 2020NZ16100X1.200.930.27
28 Apr 2021NZ16100X1.951.96-0.01
29 Mar 2022NZ16100X2.572.59-0.02
29 Mar 2023NZ19100S2.802.84-0.04

Cut-Off Yield had been in the range of -0.04 to 0.27 of Previous Day Benchmark Yield in the auctions above.

Cut-Off Yield, Median Yield, Average Yield

Auction DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
27 May 2020NZ16100X1.201.030.98
28 Apr 2021NZ16100X1.951.931.92
29 Mar 2022NZ16100X2.572.532.47
29 Mar 2023NZ19100S2.802.702.55

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
27 May 2020NZ16100X$2,000,000,000$2,913,151,0001.46
28 Apr 2021NZ16100X$1,700,000,000$4,598,066,0002.70
29 Mar 2022NZ16100X$800,000,000$1,729,108,0002.16
29 Mar 2023NZ19100S$1,400,000,000$2,939,959,0002.10

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
27 May 2020NZ16100X$2,000,000,000$291,638,00014.58%100.00%
28 Apr 2021NZ16100X$1,700,000,000$302,828,00017.81%100.00%
29 Mar 2022NZ16100X$800,000,000$49,706,0006.21%100.00%
29 Mar 2023NZ19100S$1,400,000,000$299,634,00021.40%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%.

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