5-Year SGS Bond N523100W (27 Jul 2023) Cut-Off Yield 2.96%
27 Jul 2023
This issue offers investors a cut-off yield of 2.96% p.a., lower than that (3.19% p.a.) of the previous issue, N521100V (29 May 2023).
The total value of applications in this auction was $6.5B, representing a bid-to-cover ratio of 2.59. This is higher than the $4.2B (bid-to-cover ratio 2.12) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.96% get around 46.98% of the amount applied.
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Recent SGS Benchmark Yield
| Date | 19 Sep 2023 | 20 Sep 2023 | 21 Sep 2023 | 22 Sep 2023 | 25 Sep 2023 |
|---|---|---|---|---|---|
| 5-Year Yield (%) | 3.24 | 3.27 | 3.32 | 3.31 | 3.33 |
Source: Daily SGS Prices (MAS)
The 5-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 (%) |
|---|---|---|---|---|
| 27 May 2021 | NX16100F | 0.89 | 0.72 | 0.17 |
| 28 Jul 2021 | N520100A | 0.69 | 0.80 | -0.11 |
| 27 Oct 2021 | N521100V | 1.37 | 1.25 | 0.12 |
| 27 Jan 2022 | N521100V | 1.62 | 1.56 | 0.06 |
| 29 Mar 2022 | NZ07100S | 2.32 | 2.26 | 0.06 |
| 27 May 2022 | NX15100Z | 2.33 | 2.46 | -0.13 |
| 29 Aug 2022 | N522100N | 2.92 | 2.75 | 0.17 |
| 26 Apr 2023 | NX18100A | 2.77 | 2.85 | -0.08 |
| 29 May 2023 | N521100V | 3.19 | 3.00 | 0.19 |
| 27 Jul 2023 | N523100W | 2.96 | 3.02 | -0.06 |
Cut-Off Yield had been in the range of -0.13 to 0.19 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 (%) |
|---|---|---|---|---|
| 27 May 2021 | NX16100F | 0.89 | 0.86 | 0.83 |
| 28 Jul 2021 | N520100A | 0.69 | 0.66 | 0.65 |
| 27 Oct 2021 | N521100V | 1.37 | 1.30 | 1.23 |
| 27 Jan 2022 | N521100V | 1.62 | 1.59 | 1.57 |
| 29 Mar 2022 | NZ07100S | 2.32 | 2.26 | 2.21 |
| 27 May 2022 | NX15100Z | 2.33 | 2.30 | 2.24 |
| 29 Aug 2022 | N522100N | 2.92 | 2.80 | 2.66 |
| 26 Apr 2023 | NX18100A | 2.77 | 2.75 | 2.58 |
| 29 May 2023 | N521100V | 3.19 | 3.10 | 2.89 |
| 27 Jul 2023 | N523100W | 2.96 | 2.90 | 2.65 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 27 May 2021 | NX16100F | $2,900,000,000 | $5,903,126,000 | 2.04 |
| 28 Jul 2021 | N520100A | $3,000,000,000 | $5,911,312,000 | 1.97 |
| 27 Oct 2021 | N521100V | $2,500,000,000 | $4,973,288,000 | 1.99 |
| 27 Jan 2022 | N521100V | $2,700,000,000 | $7,899,977,000 | 2.93 |
| 29 Mar 2022 | NZ07100S | $2,400,000,000 | $4,491,298,000 | 1.87 |
| 27 May 2022 | NX15100Z | $2,100,000,000 | $4,510,707,000 | 2.15 |
| 29 Aug 2022 | N522100N | $3,000,000,000 | $5,139,000,000 | 1.71 |
| 26 Apr 2023 | NX18100A | $2,400,000,000 | $6,558,847,000 | 2.73 |
| 29 May 2023 | N521100V | $2,000,000,000 | $4,233,715,000 | 2.12 |
| 27 Jul 2023 | N523100W | $2,500,000,000 | $6,484,751,000 | 2.59 |
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 |
|---|---|---|---|---|---|
| 27 May 2021 | NX16100F | $2,900,000,000 | $470,906,000 | 16.24% | 100.00% |
| 28 Jul 2021 | N520100A | $3,000,000,000 | $542,925,000 | 18.10% | 100.00% |
| 27 Oct 2021 | N521100V | $2,500,000,000 | $329,192,000 | 13.17% | 100.00% |
| 27 Jan 2022 | N521100V | $2,700,000,000 | $427,855,000 | 15.85% | 100.00% |
| 29 Mar 2022 | NZ07100S | $2,400,000,000 | $330,977,000 | 13.79% | 100.00% |
| 27 May 2022 | NX15100Z | $2,100,000,000 | $425,705,000 | 20.27% | 100.00% |
| 29 Aug 2022 | N522100N | $3,000,000,000 | $412,758,000 | 13.76% | 100.00% |
| 26 Apr 2023 | NX18100A | $2,400,000,000 | $472,787,000 | 19.70% | 100.00% |
| 29 May 2023 | N521100V | $2,000,000,000 | $407,205,000 | 20.36% | 100.00% |
| 27 Jul 2023 | N523100W | $2,500,000,000 | $422,517,000 | 16.90% | 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%.
