30-Year SGS Bond NA21200W (27 Sep 2023) Cut-Off Yield 3.11%
27 Sep 2023
This issue offers investors a cut-off yield of 3.11% p.a., lower than that (3.28% p.a.) of the previous issue, NA21200W (28 Sep 2022).
The total value of applications in this auction was $3.3B, representing a bid-to-cover ratio of 2.20. This is lower than the $3.9B (bid-to-cover ratio 2.05) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.11% get around 52.36% of the amount applied.
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Recent SGS Benchmark Yield
| Date | 04 Dec 2023 | 05 Dec 2023 | 06 Dec 2023 | 07 Dec 2023 | 08 Dec 2023 |
|---|---|---|---|---|---|
| 30-Year Yield (%) | 2.99 | 2.97 | 2.95 | 2.94 | 2.94 |
Source: Daily SGS Prices (MAS)
The 30-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 (%) |
|---|---|---|---|---|
| 26 Feb 2020 | NA20100F | 1.90 | 1.93 | -0.03 |
| 27 Jan 2021 | NA20100F | 1.40 | 1.40 | 0.00 |
| 28 Sep 2021 | NA21200W | 1.95 | 1.92 | 0.03 |
| 28 Sep 2022 | NA21200W | 3.28 | 3.36 | -0.08 |
| 27 Sep 2023 | NA21200W | 3.11 | 3.15 | -0.04 |
Cut-Off Yield had been in the range of -0.08 to 0.03 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 (%) |
|---|---|---|---|---|
| 26 Feb 2020 | NA20100F | 1.90 | 1.85 | 1.70 |
| 27 Jan 2021 | NA20100F | 1.40 | 1.30 | 1.26 |
| 28 Sep 2021 | NA21200W | 1.95 | 1.89 | 1.84 |
| 28 Sep 2022 | NA21200W | 3.28 | 3.24 | 3.18 |
| 27 Sep 2023 | NA21200W | 3.11 | 3.10 | 2.98 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 26 Feb 2020 | NA20100F | $2,300,000,000 | $5,417,835,000 | 2.36 |
| 27 Jan 2021 | NA20100F | $3,100,000,000 | $5,610,711,000 | 1.81 |
| 28 Sep 2021 | NA21200W | $2,600,000,000 | $4,105,487,000 | 1.58 |
| 28 Sep 2022 | NA21200W | $1,900,000,000 | $3,888,506,000 | 2.05 |
| 27 Sep 2023 | NA21200W | $1,500,000,000 | $3,297,097,000 | 2.20 |
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 |
|---|---|---|---|---|---|
| 26 Feb 2020 | NA20100F | $2,300,000,000 | $331,160,000 | 14.40% | 100.00% |
| 27 Jan 2021 | NA20100F | $3,100,000,000 | $553,124,000 | 17.84% | 100.00% |
| 28 Sep 2021 | NA21200W | $2,600,000,000 | $207,355,000 | 7.98% | 100.00% |
| 28 Sep 2022 | NA21200W | $1,900,000,000 | $101,594,000 | 5.35% | 100.00% |
| 27 Sep 2023 | NA21200W | $1,500,000,000 | $60,304,000 | 4.02% | 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%.
