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.

Auction Closed

Announcement Date
22 Mar 2023   Notify me
Auction Date
29 Mar 2023   Notify me
Issue Date
03 Apr 2023
Maturity Date
01 Apr 2042
Issue Code
NA12100N (Reopened)
Issue No
5
ISIN Code
SG3254976487
Coupon Rate
2.750% p.a.
Coupon Payment Dates
01 Apr and 01 Oct
Cut-Off Yield
2.80% p.a.
Cut-Off Price
99.282
Median Yield
2.58% p.a.
Median Price
102.555
Average Yield
2.41% p.a.
Average Price
105.172
Total Amount Offered
$800,000,000
MAS's Intended Tender Amount
$0
Accrued Interest Payable by Investor
2 Day(s)
Amount Allotted to Non-Competitive Applications
$60,570,000
Amount Allotted to MAS
$0
Total Amount Applied
$1,510,439,000
% of Competitive Applications at Cut-off Allotted
20.50%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
1.89

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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
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

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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

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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

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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

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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
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%.