50-Year SGS Bond NC22300W (26 Sep 2025) Cut-Off Yield 2.16%
26 Sep 2025
This issue offers investors a cut-off yield of 2.16% p.a., lower than that (2.62% p.a.) of the previous issue, NC22300W (26 Sep 2024).
The total value of applications in this auction was $1.7B, representing a bid-to-cover ratio of 1.74. This is lower than the $2.5B (bid-to-cover ratio 1.64) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.16% get around 92.59% of the amount applied.
Auction Closed
- Announcement Date
- 22 Sep 2025 Notify me
- Auction Date
- 26 Sep 2025 Notify me
- Issue Date
- 01 Oct 2025
- Maturity Date
- 01 Aug 2072
- Issue Code
- NC22300W (Reopened)
- Issue No
- 4
- ISIN Code
- SGXF47639806
- Coupon Rate
- 3.000% p.a.
- Coupon Payment Dates
- 01 Aug and 01 Feb
- Cut-Off Yield
- 2.16% p.a.
- Cut-Off Price
- 125.166
- Median Yield
- 2.00% p.a.
- Median Price
- 130.808
- Average Yield
- 1.99% p.a.
- Average Price
- 131.172
- Total Amount Offered
- $1,000,000,000
- MAS's Intended Tender Amount
- $0
- Accrued Interest Payable by Investor
- 61 Day(s)
- Amount Allotted to Non-Competitive Applications
- $54,140,000
- Amount Allotted to MAS
- $0
- Total Amount Applied
- $1,736,044,000
- % of Competitive Applications at Cut-off Allotted
- 92.59%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.74
Upcoming Auctions
No auction announced.
Recent SGS Benchmark Yield
| Date | 22 Sep 2025 | 23 Sep 2025 | 24 Sep 2025 | 25 Sep 2025 | 26 Sep 2025 |
|---|---|---|---|---|---|
| 50-Year Yield (%) | 2.16 | 2.13 | 2.10 | 2.12 | 2.23 |
Source: Daily SGS Prices (MAS)
The 50-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 (%) |
|---|---|---|---|---|
| 26 Sep 2024 | NC22300W | 2.62 | 2.62 | 0.00 |
| 26 Sep 2025 | NC22300W | 2.16 | 2.12 | 0.04 |
Cut-Off Yield had been in the range of 0.00 to 0.04 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 (%) |
|---|---|---|---|---|
| 26 Sep 2024 | NC22300W | 2.62 | 2.50 | 2.46 |
| 26 Sep 2025 | NC22300W | 2.16 | 2.00 | 1.99 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 26 Sep 2024 | NC22300W | $1,500,000,000 | $2,461,674,000 | 1.64 |
| 26 Sep 2025 | NC22300W | $1,000,000,000 | $1,736,044,000 | 1.74 |
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 |
|---|---|---|---|---|---|
| 26 Sep 2024 | NC22300W | $1,500,000,000 | $92,477,000 | 6.17% | 100.00% |
| 26 Sep 2025 | NC22300W | $1,000,000,000 | $54,140,000 | 5.41% | 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 (SBOCT25) has a 10-year average return of 1.93% p.a. View Details
The next SSB (SBNOV25) is projected to have a lower 10-year average return. View Projection