30-Year SGS Bond NA21200W (27 Sep 2023) Cut-Off Yield 3.11%

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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.

Auction Closed

Announcement Date
20 Sep 2023 Notify me
Auction Date
27 Sep 2023 Notify me
Issue Date
02 Oct 2023
Maturity Date
01 Oct 2051
Issue Code
NA21200W (Reopened)
Issue No
3
ISIN Code
SGXF89085702
Coupon Rate
1.875% p.a.
Coupon Payment Dates
01 Oct and 01 Apr
Cut-Off Yield
3.11% p.a.
Cut-Off Price
77.031
Median Yield
3.10% p.a.
Median Price
77.190
Average Yield
2.98% p.a.
Average Price
79.123
Total Amount Offered
$1,500,000,000
MAS's Intended Tender Amount
$0
Accrued Interest Payable by Investor
1 Day(s)
Amount Allotted to Non-Competitive Applications
$60,304,000
Amount Allotted to MAS
$0
Total Amount Applied
$3,297,097,000
% of Competitive Applications at Cut-off Allotted
52.36%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.20

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Recent SGS Benchmark Yield

Date15 Jul 202416 Jul 202417 Jul 202418 Jul 202419 Jul 2024
30-Year Yield (%)2.892.832.842.892.93

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
27 Jan 2021NA20100F1.401.400.00
28 Sep 2021NA21200W1.951.920.03
28 Sep 2022NA21200W3.283.36-0.08
27 Sep 2023NA21200W3.113.15-0.04

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 DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
27 Jan 2021NA20100F1.401.301.26
28 Sep 2021NA21200W1.951.891.84
28 Sep 2022NA21200W3.283.243.18
27 Sep 2023NA21200W3.113.102.98

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

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
27 Jan 2021NA20100F$3,100,000,000$5,610,711,0001.81
28 Sep 2021NA21200W$2,600,000,000$4,105,487,0001.58
28 Sep 2022NA21200W$1,900,000,000$3,888,506,0002.05
27 Sep 2023NA21200W$1,500,000,000$3,297,097,0002.20

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
27 Jan 2021NA20100F$3,100,000,000$553,124,00017.84%100.00%
28 Sep 2021NA21200W$2,600,000,000$207,355,0007.98%100.00%
28 Sep 2022NA21200W$1,900,000,000$101,594,0005.35%100.00%
27 Sep 2023NA21200W$1,500,000,000$60,304,0004.02%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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