20-Year SGS Bond NA16100H (25 Feb 2026) Cut-Off Yield 2.13%
25 Feb 2026
This issue offers investors a cut-off yield of 2.13% p.a., lower than that (3.08% p.a.) of the previous issue, NA16100H (27 Feb 2024).
The total value of applications in this auction was $1.9B, representing a bid-to-cover ratio of 1.85. This is lower than the $4.5B (bid-to-cover ratio 2.13) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.13% get around 89.18% of the amount applied.
Auction Closed
- Announcement Date
- 19 Feb 2026 Notify me
- Auction Date
- 25 Feb 2026 Notify me
- Issue Date
- 02 Mar 2026
- Maturity Date
- 01 Mar 2046
- Issue Code
- NA16100H (Reopened)
- Issue No
- 7
- ISIN Code
- SG31A7000004
- Coupon Rate
- 2.750% p.a.
- Coupon Payment Dates
- 01 Mar and 01 Sep
- Cut-Off Yield
- 2.13% p.a.
- Cut-Off Price
- 110.060
- Median Yield
- 2.07% p.a.
- Median Price
- 111.096
- Average Yield
- 2.05% p.a.
- Average Price
- 111.443
- Total Amount Offered
- $1,000,000,000
- MAS's Intended Tender Amount
- $0
- Accrued Interest Payable by Investor
- 1 Day(s)
- Amount Allotted to Non-Competitive Applications
- $36,700,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $1,851,799,000
- % of Competitive Applications at Cut-off Allotted
- 89.18%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.85
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 30 Mar 2026 | 31 Mar 2026 | 01 Apr 2026 | 02 Apr 2026 | 06 Apr 2026 |
|---|---|---|---|---|---|
| 20-Year Yield (%) | 2.43 | 2.36 | 2.27 | 2.30 | 2.28 |
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 (%) |
|---|---|---|---|---|
| 29 Mar 2023 | NA12100N | 2.80 | 2.63 | 0.17 |
| 27 Feb 2024 | NA16100H | 3.08 | 3.08 | 0.00 |
| 25 Feb 2026 | NA16100H | 2.13 | 2.08 | 0.05 |
Cut-Off Yield had been in the range of 0.00 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 (%) |
|---|---|---|---|---|
| 29 Mar 2023 | NA12100N | 2.80 | 2.58 | 2.41 |
| 27 Feb 2024 | NA16100H | 3.08 | 3.02 | 2.92 |
| 25 Feb 2026 | NA16100H | 2.13 | 2.07 | 2.05 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 29 Mar 2023 | NA12100N | $800,000,000 | $1,510,439,000 | 1.89 |
| 27 Feb 2024 | NA16100H | $2,100,000,000 | $4,467,394,000 | 2.13 |
| 25 Feb 2026 | NA16100H | $1,000,000,000 | $1,851,799,000 | 1.85 |
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 |
|---|---|---|---|---|---|
| 29 Mar 2023 | NA12100N | $800,000,000 | $60,570,000 | 7.57% | 100.00% |
| 27 Feb 2024 | NA16100H | $2,100,000,000 | $315,433,000 | 15.02% | 100.00% |
| 25 Feb 2026 | NA16100H | $1,000,000,000 | $36,700,000 | 3.67% | 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%.
The latest SSB (SBMAY26) has a 10-year average return of 2.14% p.a. View Details
The next SSB (SBJUN26) is projected to have a higher 10-year average return. View Projection