5-Year SGS Bond NY14100E (28 Aug 2024) Cut-Off Yield 2.56%

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28 Aug 2024

This issue offers investors a cut-off yield of 2.56% p.a., lower than that (3.22% p.a.) of the previous issue, N523100W (26 Jun 2024).

The total value of applications in this auction was $10.9B, representing a bid-to-cover ratio of 3.88. This is higher than the $5.2B (bid-to-cover ratio 2.01) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.56% get around 35.37% of the amount applied.

Auction Closed

Announcement Date
22 Aug 2024 Notify me
Auction Date
28 Aug 2024 Notify me
Issue Date
02 Sep 2024
Maturity Date
01 Jul 2029
Issue Code
NY14100E (Reopened)
Issue No
4
ISIN Code
SG3263998209
Coupon Rate
2.875% p.a.
Coupon Payment Dates
01 Jul and 01 Jan
Cut-Off Yield
2.56% p.a.
Cut-Off Price
101.912
Median Yield
2.54% p.a.
Median Price
102.003
Average Yield
2.49% p.a.
Average Price
102.231
Total Amount Offered
$2,800,000,000
MAS's Intended Tender Amount
$300,000,000
Accrued Interest Payable by Investor
63 Day(s)
Amount Allotted to Non-Competitive Applications
$458,385,000
Amount Allotted to MAS
$300,000,000
Total Amount Applied
$10,877,466,000
% of Competitive Applications at Cut-off Allotted
35.37%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
3.88

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Upcoming Auctions

AnnouncementAuctionIssueMaturityNew/ReopenCodeISIN
20 Mar 202526 Mar 202501 Apr 202501 Apr 2030NewN525100TSGXF69708166

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Recent SGS Benchmark Yield

Date29 Nov 202402 Dec 202403 Dec 202404 Dec 202405 Dec 2024
5-Year Yield (%)2.732.722.682.682.69

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 (%)
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
26 Jun 2024N523100W3.223.150.07
28 Aug 2024NY14100E2.562.65-0.09

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 (%)
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
26 Jun 2024N523100W3.223.183.04
28 Aug 2024NY14100E2.562.542.49

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

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
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
26 Jun 2024N523100W$2,600,000,000$5,224,024,0002.01
28 Aug 2024NY14100E$2,800,000,000$10,877,466,0003.88

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
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%
26 Jun 2024N523100W$2,600,000,000$405,436,00015.59%100.00%
28 Aug 2024NY14100E$2,800,000,000$458,385,00016.37%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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