20-Year SGS Bond NA16100H (27 Feb 2024) Cut-Off Yield 3.08%

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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

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Recent SGS Benchmark Yield

Date05 Apr 202408 Apr 202409 Apr 202411 Apr 202412 Apr 2024
20-Year Yield (%)3.153.223.193.303.24

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
28 Sep 2020NZ19100S1.271.220.05
27 Aug 2021NA12100N1.861.780.08
29 Mar 2023NA12100N2.802.630.17
27 Feb 2024NA16100H3.083.080.00

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 DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
28 Sep 2020NZ19100S1.271.211.17
27 Aug 2021NA12100N1.861.831.77
29 Mar 2023NA12100N2.802.582.41
27 Feb 2024NA16100H3.083.022.92

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
28 Sep 2020NZ19100S$1,800,000,000$3,080,247,0001.71
27 Aug 2021NA12100N$1,400,000,000$3,137,563,0002.24
29 Mar 2023NA12100N$800,000,000$1,510,439,0001.89
27 Feb 2024NA16100H$2,100,000,000$4,467,394,0002.13

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
28 Sep 2020NZ19100S$1,800,000,000$283,697,00015.76%100.00%
27 Aug 2021NA12100N$1,400,000,000$305,142,00021.80%100.00%
29 Mar 2023NA12100N$800,000,000$60,570,0007.57%100.00%
27 Feb 2024NA16100H$2,100,000,000$315,433,00015.02%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%.

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