SINGAPORE BOND MARKET MECHANICS
SGS Auctions
SGS Auction Cut-Off Yield
The marginal yield that determines the clearing level in an SGS auction.
MECHANISM
The cut-off yield is the highest accepted yield in the competitive auction and becomes the common allotment yield under the uniform-price process. It is one of the most useful observations for comparing primary-market clearing with secondary-market pricing.
WHAT TO MONITOR
Compare the cut-off with the pre-auction benchmark yield and with the auction's median and average yields.
Primary-source starting points: Monetary Authority of Singapore — Bonds and Bills and Singapore Ministry of Finance — Assets and Liabilities. Source availability varies by mechanism.
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