6-Month T-bill BS24118Z (12 Sep 2024) Cut-Off Yield 3.10%
12 Sep 2024
This issue offers investors a cut-off yield of 3.10% p.a., lower than that (3.13% p.a.) of the previous issue, BS24117F (29 Aug 2024).
The total value of applications in this auction was $13.4B, representing a bid-to-cover ratio of 1.95. This is lower than the $16.0B (bid-to-cover ratio 2.35) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.10% get around 61.65% of the amount applied.
Auction Closed
- Announcement Date
- 05 Sep 2024 Notify me
- Auction Date
- 12 Sep 2024 Notify me
- Issue Date
- 17 Sep 2024
- Maturity Date
- 18 Mar 2025
- Issue Code
- BS24118Z
- ISIN Code
- SGXZ71864045
- Cut-Off Yield
- 3.10% p.a.
- Cut-Off Price
- 98.454
- Median Yield
- 3.01% p.a.
- Median Price
- 98.499
- Average Yield
- 2.90% p.a.
- Average Price
- 98.554
- Total Amount Offered
- $6,900,000,000
- Amount Allotted to Non-Competitive Applications
- $1,711,475,000
- Total Amount Applied
- $13,422,097,000
- % of Competitive Applications at Cut-off Allotted
- 61.65%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.95
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 19 Sep 2024 | 26 Sep 2024 | 01 Oct 2024 | 01 Apr 2025 | BS24119S | SGXZ23627573 |
| 03 Oct 2024 | 10 Oct 2024 | 15 Oct 2024 | 15 Apr 2025 | BS24120V | SGXZ87934956 |
| 17 Oct 2024 | 24 Oct 2024 | 29 Oct 2024 | 29 Apr 2025 | BS24121A | SGXZ65299968 |
| 30 Oct 2024 | 07 Nov 2024 | 12 Nov 2024 | 13 May 2025 | BS24122E | SGXZ72902281 |
Recent SGS Benchmark Yield
| Date | 11 Sep 2024 | 12 Sep 2024 | 13 Sep 2024 | 16 Sep 2024 | 17 Sep 2024 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 3.11 | 3.11 | 3.09 | 3.09 | 3.08 |
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 (%) |
|---|---|---|---|---|
| 09 May 2024 | BS24109A | 3.70 | 3.75 | -0.05 |
| 23 May 2024 | BS24110T | 3.65 | 3.70 | -0.05 |
| 06 Jun 2024 | BS24111X | 3.76 | 3.65 | 0.11 |
| 20 Jun 2024 | BS24112W | 3.74 | 3.71 | 0.03 |
| 04 Jul 2024 | BS24113N | 3.70 | 3.72 | -0.02 |
| 18 Jul 2024 | BS24114V | 3.64 | 3.70 | -0.06 |
| 01 Aug 2024 | BS24115A | 3.40 | 3.60 | -0.20 |
| 15 Aug 2024 | BS24116E | 3.34 | 3.33 | 0.01 |
| 29 Aug 2024 | BS24117F | 3.13 | 3.34 | -0.21 |
| 12 Sep 2024 | BS24118Z | 3.10 | 3.11 | -0.01 |
Cut-Off Yield had been in the range of -0.21 to 0.11 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 (%) |
|---|---|---|---|---|
| 09 May 2024 | BS24109A | 3.70 | 3.55 | 3.13 |
| 23 May 2024 | BS24110T | 3.65 | 3.48 | 3.04 |
| 06 Jun 2024 | BS24111X | 3.76 | 3.50 | 3.15 |
| 20 Jun 2024 | BS24112W | 3.74 | 3.54 | 3.08 |
| 04 Jul 2024 | BS24113N | 3.70 | 3.40 | 2.81 |
| 18 Jul 2024 | BS24114V | 3.64 | 3.50 | 2.97 |
| 01 Aug 2024 | BS24115A | 3.40 | 3.30 | 2.85 |
| 15 Aug 2024 | BS24116E | 3.34 | 3.20 | 2.83 |
| 29 Aug 2024 | BS24117F | 3.13 | 3.00 | 2.62 |
| 12 Sep 2024 | BS24118Z | 3.10 | 3.01 | 2.90 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 09 May 2024 | BS24109A | $6,800,000,000 | $16,296,958,000 | 2.40 |
| 23 May 2024 | BS24110T | $7,000,000,000 | $14,465,467,000 | 2.07 |
| 06 Jun 2024 | BS24111X | $7,100,000,000 | $14,220,283,000 | 2.00 |
| 20 Jun 2024 | BS24112W | $6,600,000,000 | $15,457,038,000 | 2.34 |
| 04 Jul 2024 | BS24113N | $6,500,000,000 | $15,582,933,000 | 2.40 |
| 18 Jul 2024 | BS24114V | $6,800,000,000 | $15,666,218,000 | 2.30 |
| 01 Aug 2024 | BS24115A | $6,800,000,000 | $17,995,346,000 | 2.65 |
| 15 Aug 2024 | BS24116E | $6,900,000,000 | $16,014,152,000 | 2.32 |
| 29 Aug 2024 | BS24117F | $6,800,000,000 | $15,950,958,000 | 2.35 |
| 12 Sep 2024 | BS24118Z | $6,900,000,000 | $13,422,097,000 | 1.95 |
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 |
|---|---|---|---|---|---|
| 09 May 2024 | BS24109A | $6,800,000,000 | $2,720,000,000 | 40.00% | 81.69% |
| 23 May 2024 | BS24110T | $7,000,000,000 | $2,682,185,000 | 38.32% | 100.00% |
| 06 Jun 2024 | BS24111X | $7,100,000,000 | $2,840,000,000 | 40.00% | 91.40% |
| 20 Jun 2024 | BS24112W | $6,600,000,000 | $2,640,000,000 | 40.00% | 83.44% |
| 04 Jul 2024 | BS24113N | $6,500,000,000 | $2,600,000,000 | 40.00% | 70.80% |
| 18 Jul 2024 | BS24114V | $6,800,000,000 | $2,720,000,000 | 40.00% | 82.06% |
| 01 Aug 2024 | BS24115A | $6,800,000,000 | $2,637,059,000 | 38.78% | 100.00% |
| 15 Aug 2024 | BS24116E | $6,900,000,000 | $2,421,007,000 | 35.09% | 100.00% |
| 29 Aug 2024 | BS24117F | $6,800,000,000 | $2,110,829,000 | 31.04% | 100.00% |
| 12 Sep 2024 | BS24118Z | $6,900,000,000 | $1,711,475,000 | 24.80% | 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 (SBOCT24) has a 10-year average return of 2.77% p.a. View Details
The next SSB (SBNOV24) is projected to have a lower 10-year average return. View Projection