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.
No auction announced.
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%.