2-Year SGS Bond N520100A (29 Aug 2023) Cut-Off Yield 3.56%
29 Aug 2023
This issue offers investors a cut-off yield of 3.56% p.a., lower than that (3.66% p.a.) of the previous issue, NX15100Z (24 Feb 2023).
The total value of applications in this auction was $6.3B, representing a bid-to-cover ratio of 2.53. This is higher than the $5.4B (bid-to-cover ratio 1.70) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.56% get around 9.12% 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 |
|---|---|---|---|---|---|
| 2-Year Yield (%) | 3.60 | 3.63 | 3.67 | 3.64 | 3.66 |
Source: Daily SGS Prices (MAS)
The 2-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 Mar 2020 | N517100F | 0.84 | 0.82 | 0.02 |
| 28 Apr 2020 | N518100E | 0.54 | 0.48 | 0.06 |
| 27 Aug 2020 | NY07100X | 0.32 | 0.28 | 0.04 |
| 24 Feb 2021 | N518100E | 0.41 | 0.37 | 0.04 |
| 27 May 2021 | N519100A | 0.46 | 0.36 | 0.10 |
| 28 Sep 2021 | N519100A | 0.58 | 0.41 | 0.17 |
| 27 Apr 2022 | N519100A | 2.00 | 2.01 | -0.01 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.49 | 0.21 |
| 24 Feb 2023 | NX15100Z | 3.66 | 3.40 | 0.26 |
| 29 Aug 2023 | N520100A | 3.56 | 3.68 | -0.12 |
Cut-Off Yield had been in the range of -0.12 to 0.26 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 Mar 2020 | N517100F | 0.84 | 0.75 | 0.75 |
| 28 Apr 2020 | N518100E | 0.54 | 0.50 | 0.50 |
| 27 Aug 2020 | NY07100X | 0.32 | 0.28 | 0.28 |
| 24 Feb 2021 | N518100E | 0.41 | 0.38 | 0.35 |
| 27 May 2021 | N519100A | 0.46 | 0.43 | 0.42 |
| 28 Sep 2021 | N519100A | 0.58 | 0.53 | 0.52 |
| 27 Apr 2022 | N519100A | 2.00 | 1.95 | 1.87 |
| 28 Jun 2022 | NY09100H | 2.70 | 2.65 | 2.54 |
| 24 Feb 2023 | NX15100Z | 3.66 | 3.49 | 3.37 |
| 29 Aug 2023 | N520100A | 3.56 | 3.54 | 3.20 |
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 Mar 2020 | N517100F | $2,200,000,000 | $3,982,684,000 | 1.81 |
| 28 Apr 2020 | N518100E | $2,300,000,000 | $5,035,288,000 | 2.19 |
| 27 Aug 2020 | NY07100X | $2,900,000,000 | $5,731,325,000 | 1.98 |
| 24 Feb 2021 | N518100E | $2,800,000,000 | $5,832,350,000 | 2.08 |
| 27 May 2021 | N519100A | $1,300,000,000 | $2,639,208,000 | 2.03 |
| 28 Sep 2021 | N519100A | $2,800,000,000 | $4,568,976,000 | 1.63 |
| 27 Apr 2022 | N519100A | $2,900,000,000 | $5,392,370,000 | 1.86 |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $5,104,354,000 | 1.96 |
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $5,427,425,000 | 1.70 |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $6,320,649,000 | 2.53 |
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 Mar 2020 | N517100F | $2,200,000,000 | $225,200,000 | 10.24% | 100.00% |
| 28 Apr 2020 | N518100E | $2,300,000,000 | $233,696,000 | 10.16% | 100.00% |
| 27 Aug 2020 | NY07100X | $2,900,000,000 | $317,704,000 | 10.96% | 100.00% |
| 24 Feb 2021 | N518100E | $2,800,000,000 | $329,325,000 | 11.76% | 100.00% |
| 27 May 2021 | N519100A | $1,300,000,000 | $83,888,000 | 6.45% | 100.00% |
| 28 Sep 2021 | N519100A | $2,800,000,000 | $365,367,000 | 13.05% | 100.00% |
| 27 Apr 2022 | N519100A | $2,900,000,000 | $516,017,000 | 17.79% | 100.00% |
| 28 Jun 2022 | NY09100H | $2,600,000,000 | $448,796,000 | 17.26% | 100.00% |
| 24 Feb 2023 | NX15100Z | $3,200,000,000 | $502,739,000 | 15.71% | 100.00% |
| 29 Aug 2023 | N520100A | $2,500,000,000 | $405,873,000 | 16.23% | 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%.
