6-Month T-bill BS24124Z (05 Dec 2024) Cut-Off Yield 3.00%
05 Dec 2024
This issue offers investors a cut-off yield of 3.00% p.a., lower than that (3.08% p.a.) of the previous issue, BS24123F (21 Nov 2024).
The total value of applications in this auction was $17.4B, representing a bid-to-cover ratio of 2.45. This is higher than the $13.7B (bid-to-cover ratio 1.96) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.00% get around 4.22% of the amount applied.
Auction Closed
- Announcement Date
- 28 Nov 2024 Notify me
- Auction Date
- 05 Dec 2024 Notify me
- Issue Date
- 10 Dec 2024
- Maturity Date
- 10 Jun 2025
- Issue Code
- BS24124Z
- ISIN Code
- SGXZ29257813
- Cut-Off Yield
- 3.00% p.a.
- Cut-Off Price
- 98.504
- Median Yield
- 2.90% p.a.
- Median Price
- 98.554
- Average Yield
- 2.73% p.a.
- Average Price
- 98.639
- Total Amount Offered
- $7,100,000,000
- Amount Allotted to Non-Competitive Applications
- $2,423,021,000
- Total Amount Applied
- $17,428,248,000
- % of Competitive Applications at Cut-off Allotted
- 4.22%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 2.45
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 12 Dec 2024 | 19 Dec 2024 | 24 Dec 2024 | 24 Jun 2025 | BS24125S | SGXZ30036156 |
| 24 Dec 2024 | 02 Jan 2025 | 07 Jan 2025 | 08 Jul 2025 | BS25100E | SGXZ48768006 |
| 09 Jan 2025 | 16 Jan 2025 | 21 Jan 2025 | 22 Jul 2025 | BS25101F | SGXZ52757945 |
| 21 Jan 2025 | 28 Jan 2025 | 04 Feb 2025 | 05 Aug 2025 | BS25102Z | SGXZ33655317 |
Recent SGS Benchmark Yield
| Date | 29 Nov 2024 | 02 Dec 2024 | 03 Dec 2024 | 04 Dec 2024 | 05 Dec 2024 |
|---|---|---|---|---|---|
| 6-Month Yield (%) | 3.05 | 3.05 | 3.05 | 3.05 | 3.00 |
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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Sep 2024 | BS24119S | 2.97 | 3.03 | -0.06 |
| 10 Oct 2024 | BS24120V | 3.06 | 3.00 | 0.06 |
| 24 Oct 2024 | BS24121A | 2.99 | 3.01 | -0.02 |
| 07 Nov 2024 | BS24122E | 3.04 | 2.99 | 0.05 |
| 21 Nov 2024 | BS24123F | 3.08 | 3.01 | 0.07 |
| 05 Dec 2024 | BS24124Z | 3.00 | 3.05 | -0.05 |
Cut-Off Yield had been in the range of -0.21 to 0.07 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 (%) |
|---|---|---|---|---|
| 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 |
| 26 Sep 2024 | BS24119S | 2.97 | 2.85 | 2.79 |
| 10 Oct 2024 | BS24120V | 3.06 | 2.90 | 2.76 |
| 24 Oct 2024 | BS24121A | 2.99 | 2.93 | 2.84 |
| 07 Nov 2024 | BS24122E | 3.04 | 2.95 | 2.72 |
| 21 Nov 2024 | BS24123F | 3.08 | 2.95 | 2.76 |
| 05 Dec 2024 | BS24124Z | 3.00 | 2.90 | 2.73 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 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 |
| 26 Sep 2024 | BS24119S | $6,800,000,000 | $13,920,478,000 | 2.05 |
| 10 Oct 2024 | BS24120V | $6,800,000,000 | $14,884,047,000 | 2.19 |
| 24 Oct 2024 | BS24121A | $6,800,000,000 | $13,526,594,000 | 1.99 |
| 07 Nov 2024 | BS24122E | $6,800,000,000 | $12,349,928,000 | 1.82 |
| 21 Nov 2024 | BS24123F | $7,000,000,000 | $13,733,283,000 | 1.96 |
| 05 Dec 2024 | BS24124Z | $7,100,000,000 | $17,428,248,000 | 2.45 |
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 |
|---|---|---|---|---|---|
| 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% |
| 26 Sep 2024 | BS24119S | $6,800,000,000 | $1,519,371,000 | 22.34% | 100.00% |
| 10 Oct 2024 | BS24120V | $6,800,000,000 | $1,383,065,000 | 20.34% | 100.00% |
| 24 Oct 2024 | BS24121A | $6,800,000,000 | $1,449,214,000 | 21.31% | 100.00% |
| 07 Nov 2024 | BS24122E | $6,800,000,000 | $1,645,733,000 | 24.20% | 100.00% |
| 21 Nov 2024 | BS24123F | $7,000,000,000 | $2,017,130,000 | 28.82% | 100.00% |
| 05 Dec 2024 | BS24124Z | $7,100,000,000 | $2,423,021,000 | 34.13% | 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 (SBJAN25) has a 10-year average return of 2.86% p.a. View Details
The next SSB (SBFEB25) is projected to have a lower 10-year average return. View Projection