6-month T-bill
BS12101Z
Auctioned 23 Jul 2012 · Issued 26 Jul 2012 · Matures 24 Jan 2013
Cutoff yield
0.19%
Median yield: 0.17%
Auction details
- Bid-to-cover:
- 1.81 (S$1.81 in bids for every S$1 of issue size)
- Amount issued:
- S$2.0B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 0.19% cutoff is 4 bp lower than the previous 6-month auction (BS12100F, 0.23% on 09 Jul 2012).
Descriptive observations from MAS auction history — not forecasts or recommendations.
How this auction worked
MAS runs a uniform-price auction: every successful bidder — competitive or non-competitive — pays the cutoff yield. The cutoff is the highest yield accepted to fill the issue size; the median is the middle of all submitted bids, useful as a sanity check on whether the cutoff was pulled up by a few aggressive bids. A bid-to-cover ratio above 2.0 generally signals strong demand.
Frequently asked questions
- When does BS12101Z mature?
- BS12101Z matures on 24 Jan 2013. T-bills are zero-coupon: you pay below face value at issue and receive the full S$1,000 per bill at maturity.
- What was the bid-to-cover ratio for BS12101Z?
- BS12101Z had a bid-to-cover ratio of 1.81 — investors submitted S$1.81 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BS12101Z's cutoff yield compare to recent 6-month T-bill auctions?
- BS12101Z's 0.19% cutoff is down 4 bp from the previous 6-month auction. Recent cutoffs: 0.23% (BS12100F, 9 Jul 2012), 1.05% (BS95100S, 13 Feb 1995), 4.00% (BS89101V, 17 Jul 1989).
- How does BS12101Z's cutoff yield compare to the current SSB?
- BS12101Z cleared at 0.19%, 127 bp lower than the latest SSB year-1 rate of 1.46% (GX26060N). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.11%.
- What was BS12101Z's cutoff vs median yield spread?
- BS12101Z cleared at a cutoff of 0.19% versus a median of 0.17% — a 2 bp spread. A tight spread suggests the cutoff reflects the full bid distribution rather than a few aggressive bids.
- Can I buy BS12101Z with CPF?
- T-bills are CPFIS-OA and CPFIS-SA eligible — you can fund the purchase from your CPF Ordinary Account or Special Account via your bank's CPFIS portal. There are bank-specific fees and a "dead-money" gap to watch. See /learn/how-to-buy-t-bills-with-cpf/ for the full mechanics.
Learn more
- Singapore T-bill auctions explained — competitive vs non-competitive bids, cutoff yield, bid-to-cover.
- How to buy T-bills with CPF — CPFIS-OA flow, bank cutoffs, and the dead-money gotcha.
- SSB vs T-bill — when each one fits, and the 30 bps spread heuristic.