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.
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
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 23 Jul 2024 | 29 Jul 2024 | 01 Aug 2024 | 01 Jul 2039 | Reopen | NZ19100S | SGXF13029610 |
Recent SGS Benchmark Yield
| Date | 15 Apr 2024 | 16 Apr 2024 | 17 Apr 2024 | 18 Apr 2024 | 19 Apr 2024 |
|---|---|---|---|---|---|
| 15-Year Yield (%) | 3.26 | 3.30 | 3.33 | 3.30 | 3.29 |
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 (%) |
|---|---|---|---|---|
| 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 (%) |
|---|---|---|---|---|
| 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 |
|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|
| 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%.
The latest SSB (SBMAY24) has a 10-year average return of 3.06% p.a. View Details
The next SSB (SBJUN24) is projected to have a higher 10-year average return. View Projection