20-Year SGS Bond NA16100H (27 Feb 2024) Cut-Off Yield 3.08%
27 Feb 2024
This issue offers investors a cut-off yield of 3.08% p.a., higher than that (2.80% p.a.) of the previous issue, NA12100N (29 Mar 2023).
The total value of applications in this auction was $4.5B, representing a bid-to-cover ratio of 2.13. This is higher than the $1.5B (bid-to-cover ratio 1.89) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.08% get around 24.79% of the amount applied.
Auction Closed
- Announcement Date
- 21 Feb 2024 Notify me
- Auction Date
- 27 Feb 2024 Notify me
- Issue Date
- 01 Mar 2024
- Maturity Date
- 01 Mar 2046
- Issue Code
- NA16100H (Reopened)
- Issue No
- 6
- ISIN Code
- SG31A7000004
- Coupon Rate
- 2.750% p.a.
- Coupon Payment Dates
- 01 Mar and 01 Sep
- Cut-Off Yield
- 3.08% p.a.
- Cut-Off Price
- 94.755
- Median Yield
- 3.02% p.a.
- Median Price
- 95.683
- Average Yield
- 2.92% p.a.
- Average Price
- 97.255
- Total Amount Offered
- $2,100,000,000
- MAS's Intended Tender Amount
- $200,000,000
- Accrued Interest Payable by Investor
- 0 Day(s)
- Amount Allotted to Non-Competitive Applications
- $315,433,000
- Amount Allotted to MAS
- $200,000,000
- Total Amount Applied
- $4,467,394,000
- % of Competitive Applications at Cut-off Allotted
- 24.79%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.13
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 22 Apr 2024 | 23 Apr 2024 | 24 Apr 2024 | 25 Apr 2024 | 26 Apr 2024 |
|---|---|---|---|---|---|
| 20-Year Yield (%) | 3.33 | 3.33 | 3.35 | 3.36 | 3.40 |
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 |
| 27 Feb 2024 | NA16100H | 3.08 | 3.08 | 0.00 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 27 Feb 2024 | NA16100H | 3.08 | 3.02 | 2.92 |
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 |
| 27 Feb 2024 | NA16100H | $2,100,000,000 | $4,467,394,000 | 2.13 |
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% |
| 27 Feb 2024 | NA16100H | $2,100,000,000 | $315,433,000 | 15.02% | 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 (SBMAY24) has a 10-year average return of 3.06% p.a. View Details
The next SSB (SBJUN24) is projected to have a higher 10-year average return. View Projection