20-Year SGS Bond NA12100N (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 (1.86% p.a.) of the previous issue, NA12100N (27 Aug 2021).
The total value of applications in this auction was $1.5B, representing a bid-to-cover ratio of 1.89. This is lower than the $3.1B (bid-to-cover ratio 2.24) 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 20.50% of the amount applied.
No auction announced.
Recent SGS Benchmark Yield
|Date||19 Sep 2023||20 Sep 2023||21 Sep 2023||22 Sep 2023||25 Sep 2023|
|20-Year Yield (%)||3.13||3.15||3.17||3.16||3.19|
Source: Daily SGS Prices (MAS)
The 20-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 (%)|
|28 Sep 2020||NZ19100S||1.27||1.22||0.05|
|27 Aug 2021||NA12100N||1.86||1.78||0.08|
|29 Mar 2023||NA12100N||2.80||2.63||0.17|
Cut-Off Yield had been in the range of 0.05 to 0.17 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 (%)|
|28 Sep 2020||NZ19100S||1.27||1.21||1.17|
|27 Aug 2021||NA12100N||1.86||1.83||1.77|
|29 Mar 2023||NA12100N||2.80||2.58||2.41|
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
|Auction Date||Issue Code||Total Amount Offered||Total Amount Applied||Bid-to-Cover Ratio|
|28 Sep 2020||NZ19100S||$1,800,000,000||$3,080,247,000||1.71|
|27 Aug 2021||NA12100N||$1,400,000,000||$3,137,563,000||2.24|
|29 Mar 2023||NA12100N||$800,000,000||$1,510,439,000||1.89|
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|
|28 Sep 2020||NZ19100S||$1,800,000,000||$283,697,000||15.76%||100.00%|
|27 Aug 2021||NA12100N||$1,400,000,000||$305,142,000||21.80%||100.00%|
|29 Mar 2023||NA12100N||$800,000,000||$60,570,000||7.57%||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%.