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.

Auction Closed

Announcement Date
22 Aug 2023   Notify me
Auction Date
29 Aug 2023   Notify me
Issue Date
04 Sep 2023
Maturity Date
01 Nov 2025
Issue Code
N520100A (Reopened)
Issue No
3
ISIN Code
SGXF29144064
Coupon Rate
0.500% p.a.
Coupon Payment Dates
01 May and 01 Nov
Cut-Off Yield
3.56% p.a.
Cut-Off Price
93.869
Median Yield
3.54% p.a.
Median Price
93.909
Average Yield
3.20% p.a.
Average Price
94.585
Total Amount Offered
$2,500,000,000
MAS's Intended Tender Amount
$300,000,000
Accrued Interest Payable by Investor
126 Day(s)
Amount Allotted to Non-Competitive Applications
$405,873,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$6,320,649,000
% of Competitive Applications at Cut-off Allotted
9.12%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.53

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Recent SGS Benchmark Yield

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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

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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

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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

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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

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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%.