15-Year SGS Bond NZ19100S (29 Mar 2023) Cut-Off Yield 2.80%
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.
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Recent SGS Benchmark Yield
| Date | 19 Sep 2023 | 20 Sep 2023 | 21 Sep 2023 | 22 Sep 2023 | 25 Sep 2023 |
|---|---|---|---|---|---|
| 15-Year Yield (%) | 3.19 | 3.22 | 3.24 | 3.24 | 3.26 |
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 (%) |
|---|---|---|---|---|
| 26 Sep 2019 | NZ16100X | 1.88 | 1.79 | 0.09 |
| 27 May 2020 | NZ16100X | 1.20 | 0.93 | 0.27 |
| 28 Apr 2021 | NZ16100X | 1.95 | 1.96 | -0.01 |
| 29 Mar 2022 | NZ16100X | 2.57 | 2.59 | -0.02 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.84 | -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 Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
|---|---|---|---|---|
| 26 Sep 2019 | NZ16100X | 1.88 | 1.85 | 1.84 |
| 27 May 2020 | NZ16100X | 1.20 | 1.03 | 0.98 |
| 28 Apr 2021 | NZ16100X | 1.95 | 1.93 | 1.92 |
| 29 Mar 2022 | NZ16100X | 2.57 | 2.53 | 2.47 |
| 29 Mar 2023 | NZ19100S | 2.80 | 2.70 | 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 |
|---|---|---|---|---|
| 26 Sep 2019 | NZ16100X | $800,000,000 | $1,464,080,000 | 1.83 |
| 27 May 2020 | NZ16100X | $2,000,000,000 | $2,913,151,000 | 1.46 |
| 28 Apr 2021 | NZ16100X | $1,700,000,000 | $4,598,066,000 | 2.70 |
| 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 |
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 |
|---|---|---|---|---|---|
| 26 Sep 2019 | NZ16100X | $800,000,000 | $35,829,000 | 4.48% | 100.00% |
| 27 May 2020 | NZ16100X | $2,000,000,000 | $291,638,000 | 14.58% | 100.00% |
| 28 Apr 2021 | NZ16100X | $1,700,000,000 | $302,828,000 | 17.81% | 100.00% |
| 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% |
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%.
