6-month T-bill
BS19103N
Auctioned 06 Aug 2019 · Issued 13 Aug 2019 · Matures 11 Feb 2020
Cutoff yield
1.82%
Median yield: 1.77%
Auction details
- Bid-to-cover:
- 2.08 (S$2.08 in bids for every S$1 of issue size)
- Amount issued:
- S$3.4B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 1.82% cutoff is 2 bp lower than the previous 6-month auction (BS19102W, 1.84% on 25 Jul 2019).
- Trailing 12 months: Across the previous 3 6-month auctions, cutoffs ranged from 1.80% to 1.93%. This cutoff sits below the median.
- Demand: Bid-to-cover of 2.08× was below the trailing-12-month average of 2.81×.
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 BS19103N mature?
- BS19103N matures on 11 Feb 2020. 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 BS19103N?
- BS19103N had a bid-to-cover ratio of 2.08 — investors submitted S$2.08 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS19103N's cutoff yield compare to recent 6-month T-bill auctions?
- BS19103N's 1.82% cutoff is down 2 bp from the previous 6-month auction. Recent cutoffs: 1.84% (BS19102W, 25 Jul 2019), 1.80% (BS19101X, 11 Jul 2019), 1.93% (BS19100T, 27 Jun 2019).
- How does BS19103N's cutoff yield compare to the current SSB?
- BS19103N cleared at 1.82%, 36 bp higher 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 BS19103N's cutoff vs median yield spread?
- BS19103N cleared at a cutoff of 1.82% versus a median of 1.77% — a 5 bp spread. A moderate spread — the cutoff was pulled up somewhat by higher bids.
- Can I buy BS19103N 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.