5-Year SGS Bond (NZ10100F) is announced today!
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5-Year SGS Bond NZ10100F (27 Aug 2025) Open
21 Aug 2025
5-Year SGS Bond NZ10100F is open for application from 21 Aug 2025. Auction will be conducted on 27 Aug 2025.
A total of $2.5B is offered for this issue, lower than that of $2.6B for the previous issue, N524100X (28 May 2025).
Application typically closes on 26 Aug 2025. CPF application may close a business day earlier. Closing date and time may vary from bank to bank. Please check with your bank for the exact cut-off time.
Auction Open
- Announcement Date
- 21 Aug 2025 Notify me
- Closing Date (Typical)
- 26 Aug 2025 Remind me
- Auction Date
- 27 Aug 2025 Notify me
- Issue Date
- 01 Sep 2025
- Maturity Date
- 01 Sep 2030
- Issue Code
- NZ10100F (Reopened)
- Issue No
- 6
- ISIN Code
- SG7U32949426
- Coupon Rate
- 2.875% p.a.
- Coupon Payment Dates
- 01 Sep and 01 Mar
- Total Amount Offered
- $2,500,000,000
- MAS's Intended Tender Amount
- $300,000,000
- Accrued Interest Payable by Investor
- 0 Day(s)
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 15 Aug 2025 | 18 Aug 2025 | 19 Aug 2025 | 20 Aug 2025 | 21 Aug 2025 |
|---|---|---|---|---|---|
| 5-Year Yield (%) | 1.62 | 1.61 | 1.67 | 1.65 | 1.65 |
Source: Daily SGS Prices (MAS)
If you wish to submit a competitive bid for this issue, you need to know what is the fair rate. The 5-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.
Nonetheless, the cut-off yield will be determined through an auction (ie. depends on demand). You may take hints from the statistics below and see how the cut-off yield compared with previous day benchmark yield in past auctions.
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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Jun 2024 | N523100W | 3.22 | 3.15 | 0.07 |
| 28 Aug 2024 | NY14100E | 2.56 | 2.65 | -0.09 |
| 26 Mar 2025 | N525100T | 2.61 | 2.63 | -0.02 |
| 28 May 2025 | N524100X | 2.05 | 2.07 | -0.02 |
Cut-Off Yield had been in the range of -0.09 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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Jun 2024 | N523100W | 3.22 | 3.18 | 3.04 |
| 28 Aug 2024 | NY14100E | 2.56 | 2.54 | 2.49 |
| 26 Mar 2025 | N525100T | 2.61 | 2.56 | 2.52 |
| 28 May 2025 | N524100X | 2.05 | 1.99 | 1.97 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 26 Jun 2024 | N523100W | $2,600,000,000 | $5,224,024,000 | 2.01 |
| 28 Aug 2024 | NY14100E | $2,800,000,000 | $10,877,466,000 | 3.88 |
| 26 Mar 2025 | N525100T | $3,000,000,000 | $7,205,719,000 | 2.40 |
| 28 May 2025 | N524100X | $2,600,000,000 | $5,225,361,000 | 2.01 |
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 |
|---|---|---|---|---|---|
| 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% |
| 26 Jun 2024 | N523100W | $2,600,000,000 | $405,436,000 | 15.59% | 100.00% |
| 28 Aug 2024 | NY14100E | $2,800,000,000 | $458,385,000 | 16.37% | 100.00% |
| 26 Mar 2025 | N525100T | $3,000,000,000 | $446,884,000 | 14.90% | 100.00% |
| 28 May 2025 | N524100X | $2,600,000,000 | $416,762,000 | 16.03% | 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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