6-Month T-bill BS24108V (25 Apr 2024) Cut-Off Yield 3.74%
25 Apr 2024
This issue offers investors a cut-off yield of 3.74% p.a., lower than that (3.75% p.a.) of the previous issue, BS24107N (11 Apr 2024).
The total value of applications in this auction was $14.4B, representing a bid-to-cover ratio of 2.18. This is lower than the $16.0B (bid-to-cover ratio 2.54) received in the previous issue.
Those who submitted non-competitive bids were allotted approximately 96.60% of the amount applied. On the other hand, those who submitted competitive bid at 3.74% get around 21.77% of the amount applied.
Auction Closed
- Announcement Date
- 18 Apr 2024 Notify me
- Auction Date
- 25 Apr 2024 Notify me
- Issue Date
- 30 Apr 2024
- Maturity Date
- 29 Oct 2024
- Issue Code
- BS24108V
- ISIN Code
- SGXZ83501924
- Cut-Off Yield
- 3.74% p.a.
- Cut-Off Price
- 98.135
- Median Yield
- 3.65% p.a.
- Median Price
- 98.180
- Average Yield
- 3.40% p.a.
- Average Price
- 98.305
- Total Amount Offered
- $6,600,000,000
- Amount Allotted to Non-Competitive Applications
- $2,640,000,000
- Total Amount Applied
- $14,390,615,000
- % of Competitive Applications at Cut-off Allotted
- 21.77%
- % of Non-Competitive Applications Allotted
- 96.60%
- Bid-to-Cover Ratio
- 2.18
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 02 May 2024 | 09 May 2024 | 14 May 2024 | 12 Nov 2024 | BS24109A | SGXZ25011966 |
| 15 May 2024 | 23 May 2024 | 28 May 2024 | 26 Nov 2024 | BS24110T | SGXZ12438883 |
| 30 May 2024 | 06 Jun 2024 | 11 Jun 2024 | 10 Dec 2024 | BS24111X | SGXZ81105322 |
| 12 Jun 2024 | 20 Jun 2024 | 25 Jun 2024 | 24 Dec 2024 | BS24112W | SGXZ29011285 |
Recent SGS Benchmark Yield
| Date | 24 Apr 2024 | 25 Apr 2024 | 26 Apr 2024 | 29 Apr 2024 | 30 Apr 2024 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 3.75 | 3.74 | 3.74 | 3.74 | 3.74 |
Source: Daily SGS Prices (MAS)
The 6-Month 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 (%) |
|---|---|---|---|---|
| 20 Dec 2023 | BS23125H | 3.73 | 3.77 | -0.04 |
| 04 Jan 2024 | BS24100F | 3.74 | 3.77 | -0.03 |
| 18 Jan 2024 | BS24101Z | 3.70 | 3.76 | -0.06 |
| 01 Feb 2024 | BS24102S | 3.54 | 3.70 | -0.16 |
| 15 Feb 2024 | BS24103H | 3.66 | 3.58 | 0.08 |
| 29 Feb 2024 | BS24104T | 3.80 | 3.61 | 0.19 |
| 14 Mar 2024 | BS24105X | 3.78 | 3.70 | 0.08 |
| 27 Mar 2024 | BS24106W | 3.80 | 3.74 | 0.06 |
| 11 Apr 2024 | BS24107N | 3.75 | 3.75 | 0.00 |
| 25 Apr 2024 | BS24108V | 3.74 | 3.75 | -0.01 |
Cut-Off Yield had been in the range of -0.16 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 (%) |
|---|---|---|---|---|
| 20 Dec 2023 | BS23125H | 3.73 | 3.58 | 2.94 |
| 04 Jan 2024 | BS24100F | 3.74 | 3.55 | 3.06 |
| 18 Jan 2024 | BS24101Z | 3.70 | 3.60 | 3.11 |
| 01 Feb 2024 | BS24102S | 3.54 | 3.21 | 2.63 |
| 15 Feb 2024 | BS24103H | 3.66 | 3.48 | 3.00 |
| 29 Feb 2024 | BS24104T | 3.80 | 3.50 | 2.95 |
| 14 Mar 2024 | BS24105X | 3.78 | 3.60 | 3.30 |
| 27 Mar 2024 | BS24106W | 3.80 | 3.61 | 3.34 |
| 11 Apr 2024 | BS24107N | 3.75 | 3.65 | 3.39 |
| 25 Apr 2024 | BS24108V | 3.74 | 3.65 | 3.40 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 20 Dec 2023 | BS23125H | $5,600,000,000 | $12,800,419,000 | 2.29 |
| 04 Jan 2024 | BS24100F | $6,100,000,000 | $12,764,310,000 | 2.09 |
| 18 Jan 2024 | BS24101Z | $6,400,000,000 | $13,551,553,000 | 2.12 |
| 01 Feb 2024 | BS24102S | $6,300,000,000 | $14,625,066,000 | 2.32 |
| 15 Feb 2024 | BS24103H | $6,600,000,000 | $13,519,977,000 | 2.05 |
| 29 Feb 2024 | BS24104T | $6,400,000,000 | $12,446,564,000 | 1.94 |
| 14 Mar 2024 | BS24105X | $6,300,000,000 | $14,440,944,000 | 2.29 |
| 27 Mar 2024 | BS24106W | $6,100,000,000 | $15,562,929,000 | 2.55 |
| 11 Apr 2024 | BS24107N | $6,300,000,000 | $15,980,300,000 | 2.54 |
| 25 Apr 2024 | BS24108V | $6,600,000,000 | $14,390,615,000 | 2.18 |
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 |
|---|---|---|---|---|---|
| 20 Dec 2023 | BS23125H | $5,600,000,000 | $2,216,912,000 | 39.59% | 100.00% |
| 04 Jan 2024 | BS24100F | $6,100,000,000 | $2,391,421,000 | 39.20% | 100.00% |
| 18 Jan 2024 | BS24101Z | $6,400,000,000 | $2,560,000,000 | 40.00% | 87.75% |
| 01 Feb 2024 | BS24102S | $6,300,000,000 | $2,153,068,000 | 34.18% | 100.00% |
| 15 Feb 2024 | BS24103H | $6,600,000,000 | $1,960,843,000 | 29.71% | 100.00% |
| 29 Feb 2024 | BS24104T | $6,400,000,000 | $2,351,833,000 | 36.75% | 100.00% |
| 14 Mar 2024 | BS24105X | $6,300,000,000 | $2,520,000,000 | 40.00% | 96.81% |
| 27 Mar 2024 | BS24106W | $6,100,000,000 | $2,440,000,000 | 40.00% | 94.59% |
| 11 Apr 2024 | BS24107N | $6,300,000,000 | $2,520,000,000 | 40.00% | 88.78% |
| 25 Apr 2024 | BS24108V | $6,600,000,000 | $2,640,000,000 | 40.00% | 96.60% |
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