2-Year SGS Bond N521100V (29 May 2024) Cut-Off Yield 3.46%

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29 May 2024

This issue offers investors a cut-off yield of 3.46% p.a., higher than that (3.04% p.a.) of the previous issue, NX16100F (29 Jan 2024).

The total value of applications in this auction was $6.0B, representing a bid-to-cover ratio of 2.08. This is lower than the $9.6B (bid-to-cover ratio 3.20) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.46% get around 28.92% of the amount applied.

Auction Closed

Announcement Date
23 May 2024 Notify me
Auction Date
29 May 2024 Notify me
Issue Date
03 Jun 2024
Maturity Date
01 Nov 2026
Issue Code
N521100V (Reopened)
Issue No
4
ISIN Code
SGXF12888537
Coupon Rate
1.250% p.a.
Coupon Payment Dates
01 May and 01 Nov
Cut-Off Yield
3.46% p.a.
Cut-Off Price
95.042
Median Yield
3.38% p.a.
Median Price
95.220
Average Yield
3.31% p.a.
Average Price
95.376
Total Amount Offered
$2,900,000,000
MAS's Intended Tender Amount
$300,000,000
Accrued Interest Payable by Investor
33 Day(s)
Amount Allotted to Non-Competitive Applications
$428,275,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$6,040,660,000
% of Competitive Applications at Cut-off Allotted
28.92%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.08

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Recent SGS Benchmark Yield

Date15 Jul 202416 Jul 202417 Jul 202418 Jul 202419 Jul 2024
2-Year Yield (%)3.193.123.133.153.17

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
27 Aug 2020NY07100X0.320.280.04
24 Feb 2021N518100E0.410.370.04
27 May 2021N519100A0.460.360.10
28 Sep 2021N519100A0.580.410.17
27 Apr 2022N519100A2.002.01-0.01
28 Jun 2022NY09100H2.702.490.21
24 Feb 2023NX15100Z3.663.400.26
29 Aug 2023N520100A3.563.68-0.12
29 Jan 2024NX16100F3.043.26-0.22
29 May 2024N521100V3.463.460.00

Cut-Off Yield had been in the range of -0.22 to 0.26 of Previous Day Benchmark Yield in the auctions above.

Cut-Off Yield, Median Yield, Average Yield

Auction DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
27 Aug 2020NY07100X0.320.280.28
24 Feb 2021N518100E0.410.380.35
27 May 2021N519100A0.460.430.42
28 Sep 2021N519100A0.580.530.52
27 Apr 2022N519100A2.001.951.87
28 Jun 2022NY09100H2.702.652.54
24 Feb 2023NX15100Z3.663.493.37
29 Aug 2023N520100A3.563.543.20
29 Jan 2024NX16100F3.042.992.92
29 May 2024N521100V3.463.383.31

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
27 Aug 2020NY07100X$2,900,000,000$5,731,325,0001.98
24 Feb 2021N518100E$2,800,000,000$5,832,350,0002.08
27 May 2021N519100A$1,300,000,000$2,639,208,0002.03
28 Sep 2021N519100A$2,800,000,000$4,568,976,0001.63
27 Apr 2022N519100A$2,900,000,000$5,392,370,0001.86
28 Jun 2022NY09100H$2,600,000,000$5,104,354,0001.96
24 Feb 2023NX15100Z$3,200,000,000$5,427,425,0001.70
29 Aug 2023N520100A$2,500,000,000$6,320,649,0002.53
29 Jan 2024NX16100F$3,000,000,000$9,597,922,0003.20
29 May 2024N521100V$2,900,000,000$6,040,660,0002.08

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
27 Aug 2020NY07100X$2,900,000,000$317,704,00010.96%100.00%
24 Feb 2021N518100E$2,800,000,000$329,325,00011.76%100.00%
27 May 2021N519100A$1,300,000,000$83,888,0006.45%100.00%
28 Sep 2021N519100A$2,800,000,000$365,367,00013.05%100.00%
27 Apr 2022N519100A$2,900,000,000$516,017,00017.79%100.00%
28 Jun 2022NY09100H$2,600,000,000$448,796,00017.26%100.00%
24 Feb 2023NX15100Z$3,200,000,000$502,739,00015.71%100.00%
29 Aug 2023N520100A$2,500,000,000$405,873,00016.23%100.00%
29 Jan 2024NX16100F$3,000,000,000$472,361,00015.75%100.00%
29 May 2024N521100V$2,900,000,000$428,275,00014.77%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%.

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