SINGAPORE BOND MARKET MECHANICS
SGS Auctions
SGS Bid-to-Cover Ratio
How to read demand relative to the amount offered at an SGS auction.
MECHANISM
The bid-to-cover ratio relates applications to the amount offered. It is a demand indicator, but it should not be interpreted in isolation because bidding composition, pricing and dealer obligations also matter.
WHAT TO MONITOR
Use it together with cut-off yield, tail, issue size and the distinction between new issues and reopenings.
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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