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.
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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%.
