2-Year SGS Bond NX16100F (29 Jan 2024) Cut-Off Yield 3.04%

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29 Jan 2024

This issue offers investors a cut-off yield of 3.04% p.a., lower than that (3.56% p.a.) of the previous issue, N520100A (29 Aug 2023).

The total value of applications in this auction was $9.6B, representing a bid-to-cover ratio of 3.20. This is higher than the $6.3B (bid-to-cover ratio 2.53) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.04% get around 31.44% of the amount applied.

Auction Closed

Announcement Date
23 Jan 2024 Notify me
Auction Date
29 Jan 2024 Notify me
Issue Date
01 Feb 2024
Maturity Date
01 Jun 2026
Issue Code
NX16100F (Reopened)
Issue No
5
ISIN Code
SG31A8000003
Coupon Rate
2.125% p.a.
Coupon Payment Dates
01 Dec and 01 Jun
Cut-Off Yield
3.04% p.a.
Cut-Off Price
98.314
Median Yield
2.99% p.a.
Median Price
98.425
Average Yield
2.92% p.a.
Average Price
98.580
Total Amount Offered
$3,000,000,000
MAS's Intended Tender Amount
$300,000,000
Accrued Interest Payable by Investor
62 Day(s)
Amount Allotted to Non-Competitive Applications
$472,361,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$9,597,922,000
% of Competitive Applications at Cut-off Allotted
31.44%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
3.20

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Upcoming Auctions

AnnouncementAuctionIssueMaturityNew/ReopenCodeISIN
23 May 202429 May 202403 Jun 202401 Nov 2026ReopenN521100VSGXF12888537

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Recent SGS Benchmark Yield

Date13 May 202414 May 202415 May 202416 May 202417 May 2024
2-Year Yield (%)3.443.423.393.343.36

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

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

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

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%

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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