6-month T-bill
BS12103H
Auctioned 17 Aug 2012 · Issued 23 Aug 2012 · Matures 21 Feb 2013
Cutoff yield
0.30%
Median yield: 0.27%
Auction details
- Bid-to-cover:
- 1.69 (S$1.69 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 0.30% cutoff is 2 bp higher than the previous 6-month auction (BS12102S, 0.28% on 06 Aug 2012).
- Trailing 12 months: Across the previous 3 6-month auctions, cutoffs ranged from 0.19% to 0.28%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 1.69× was in line with the trailing-12-month average of 1.82×.
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 BS12103H mature?
- BS12103H matures on 21 Feb 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 BS12103H?
- BS12103H had a bid-to-cover ratio of 1.69 — investors submitted S$1.69 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BS12103H's cutoff yield compare to recent 6-month T-bill auctions?
- BS12103H's 0.30% cutoff is up 2 bp from the previous 6-month auction. Recent cutoffs: 0.28% (BS12102S, 6 Aug 2012), 0.19% (BS12101Z, 23 Jul 2012), 0.23% (BS12100F, 9 Jul 2012).
- How does BS12103H's cutoff yield compare to the current SSB?
- BS12103H cleared at 0.30%, 116 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 BS12103H's cutoff vs median yield spread?
- BS12103H cleared at a cutoff of 0.30% versus a median of 0.27% — a 3 bp spread. A moderate spread — the cutoff was pulled up somewhat by higher bids.
- Can I buy BS12103H 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.