5-Year SGS Bond N524100X (26 Mar 2024) Cut-Off Yield 3.06%

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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)
Coupon Rate
3.000% p.a.
Coupon Payment Dates
01 Apr and 01 Oct
Cut-Off Yield
3.06% p.a.
Cut-Off Price
Median Yield
2.95% p.a.
Median Price
Average Yield
2.94% p.a.
Average Price
Total Amount Offered
MAS's Intended Tender Amount
Amount Allotted to Non-Competitive Applications
Amount Allotted to MAS
Total Amount Applied
% of Competitive Applications at Cut-off Allotted
% of Non-Competitive Applications Allotted
Bid-to-Cover Ratio

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Recent SGS Benchmark Yield

Date13 May 202414 May 202415 May 202416 May 202417 May 2024
5-Year Yield (%)

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
27 Oct 2021N521100V1.371.250.12
27 Jan 2022N521100V1.621.560.06
29 Mar 2022NZ07100S2.322.260.06
27 May 2022NX15100Z2.332.46-0.13
29 Aug 2022N522100N2.922.750.17
26 Apr 2023NX18100A2.772.85-0.08
29 May 2023N521100V3.193.000.19
27 Jul 2023N523100W2.963.02-0.06
27 Feb 2024N522100N3.093.030.06
26 Mar 2024N524100X3.063.010.05

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 DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
27 Oct 2021N521100V1.371.301.23
27 Jan 2022N521100V1.621.591.57
29 Mar 2022NZ07100S2.322.262.21
27 May 2022NX15100Z2.332.302.24
29 Aug 2022N522100N2.922.802.66
26 Apr 2023NX18100A2.772.752.58
29 May 2023N521100V3.193.102.89
27 Jul 2023N523100W2.962.902.65
27 Feb 2024N522100N3.093.033.00
26 Mar 2024N524100X3.062.952.94

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

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
27 Oct 2021N521100V$2,500,000,000$4,973,288,0001.99
27 Jan 2022N521100V$2,700,000,000$7,899,977,0002.93
29 Mar 2022NZ07100S$2,400,000,000$4,491,298,0001.87
27 May 2022NX15100Z$2,100,000,000$4,510,707,0002.15
29 Aug 2022N522100N$3,000,000,000$5,139,000,0001.71
26 Apr 2023NX18100A$2,400,000,000$6,558,847,0002.73
29 May 2023N521100V$2,000,000,000$4,233,715,0002.12
27 Jul 2023N523100W$2,500,000,000$6,484,751,0002.59
27 Feb 2024N522100N$1,500,000,000$2,709,447,0001.81
26 Mar 2024N524100X$2,800,000,000$5,424,943,0001.94

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 Oct 2021N521100V$2,500,000,000$329,192,00013.17%100.00%
27 Jan 2022N521100V$2,700,000,000$427,855,00015.85%100.00%
29 Mar 2022NZ07100S$2,400,000,000$330,977,00013.79%100.00%
27 May 2022NX15100Z$2,100,000,000$425,705,00020.27%100.00%
29 Aug 2022N522100N$3,000,000,000$412,758,00013.76%100.00%
26 Apr 2023NX18100A$2,400,000,000$472,787,00019.70%100.00%
29 May 2023N521100V$2,000,000,000$407,205,00020.36%100.00%
27 Jul 2023N523100W$2,500,000,000$422,517,00016.90%100.00%
27 Feb 2024N522100N$1,500,000,000$65,036,0004.34%100.00%
26 Mar 2024N524100X$2,800,000,000$402,457,00014.37%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%.

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