5-Year SGS Bond N524100X (26 Mar 2024) Cut-Off Yield 3.06%
26 Mar 2024
This issue offers investors a cut-off yield of 3.06% p.a., lower than that (3.09% p.a.) of the previous issue, N522100N (27 Feb 2024).
The total value of applications in this auction was $5.4B, representing a bid-to-cover ratio of 1.94. This is higher than the $2.7B (bid-to-cover ratio 1.81) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.06% get around 77.51% of the amount applied.
Auction Closed
- Announcement Date
- 20 Mar 2024 Notify me
- Auction Date
- 26 Mar 2024 Notify me
- Issue Date
- 01 Apr 2024
- Maturity Date
- 01 Apr 2029
- Issue Code
- N524100X (New)
- ISIN Code
- SGXF45447632
- Coupon Rate
- 3.000% p.a.
- Coupon Payment Dates
- 01 Apr and 01 Oct
- Cut-Off Yield
- 3.06% p.a.
- Cut-Off Price
- 99.724
- Median Yield
- 2.95% p.a.
- Median Price
- 100.231
- Average Yield
- 2.94% p.a.
- Average Price
- 100.277
- Total Amount Offered
- $2,800,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Amount Allotted to Non-Competitive Applications
- $402,457,000
- Amount Allotted to MAS
- $300,000,000
- Total Amount Applied
- $5,424,943,000
- % of Competitive Applications at Cut-off Allotted
- 77.51%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.94
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | New/Reopen | Code | ISIN |
|---|---|---|---|---|---|---|
| 20 Jun 2024 | 26 Jun 2024 | 01 Jul 2024 | 01 Aug 2028 | Reopen | N523100W | SGXF51035222 |
Recent SGS Benchmark Yield
| Date | 22 Apr 2024 | 23 Apr 2024 | 24 Apr 2024 | 25 Apr 2024 | 26 Apr 2024 |
|---|---|---|---|---|---|
| 5-Year Yield (%) | 3.35 | 3.34 | 3.33 | 3.33 | 3.37 |
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 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 |
| 27 Feb 2024 | N522100N | 3.09 | 3.03 | 0.06 |
| 26 Mar 2024 | N524100X | 3.06 | 3.01 | 0.05 |
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 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 |
| 27 Feb 2024 | N522100N | 3.09 | 3.03 | 3.00 |
| 26 Mar 2024 | N524100X | 3.06 | 2.95 | 2.94 |
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 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 |
| 27 Feb 2024 | N522100N | $1,500,000,000 | $2,709,447,000 | 1.81 |
| 26 Mar 2024 | N524100X | $2,800,000,000 | $5,424,943,000 | 1.94 |
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 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% |
| 27 Feb 2024 | N522100N | $1,500,000,000 | $65,036,000 | 4.34% | 100.00% |
| 26 Mar 2024 | N524100X | $2,800,000,000 | $402,457,000 | 14.37% | 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%.
The latest SSB (SBMAY24) has a 10-year average return of 3.06% p.a. View Details
The next SSB (SBJUN24) is projected to have a higher 10-year average return. View Projection