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.

Auction Closed

Announcement Date
20 Jul 2023   Notify me
Auction Date
27 Jul 2023   Notify me
Issue Date
01 Aug 2023
Maturity Date
01 Aug 2028
Issue Code
N523100W (New)
ISIN Code
SGXF51035222
Coupon Rate
2.875% p.a.
Coupon Payment Dates
01 Aug and 01 Feb
Cut-Off Yield
2.96% p.a.
Cut-Off Price
99.608
Median Yield
2.90% p.a.
Median Price
99.884
Average Yield
2.65% p.a.
Average Price
101.047
Total Amount Offered
$2,500,000,000
MAS's Intended Tender Amount
$300,000,000
Amount Allotted to Non-Competitive Applications
$422,517,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$6,484,751,000
% of Competitive Applications at Cut-off Allotted
46.98%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.59

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Recent SGS Benchmark Yield

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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

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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

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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

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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

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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%.