6-month T-bill
BS20109S
Auctioned 14 May 2020 · Issued 19 May 2020 · Matures 17 Nov 2020
Cutoff yield
0.20%
Median yield: 0.10%
Auction details
- Bid-to-cover:
- 3.22 (S$3.22 in bids for every S$1 of issue size)
- Amount issued:
- S$3.6B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 0.20% cutoff is 20 bp lower than the previous 6-month auction (BS20108Z, 0.40% on 29 Apr 2020).
- Trailing 12 months: Across the previous 23 6-month auctions, cutoffs ranged from 0.40% to 1.93%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 3.22× was above the trailing-12-month average of 2.48×.
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 BS20109S mature?
- BS20109S matures on 17 Nov 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 BS20109S?
- BS20109S had a bid-to-cover ratio of 3.22 — investors submitted S$3.22 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS20109S's cutoff yield compare to recent 6-month T-bill auctions?
- BS20109S's 0.20% cutoff is down 20 bp from the previous 6-month auction. Recent cutoffs: 0.40% (BS20108Z, 29 Apr 2020), 0.55% (BS20107F, 16 Apr 2020), 0.70% (BS20106E, 2 Apr 2020).
- How does BS20109S's cutoff yield compare to the current SSB?
- BS20109S cleared at 0.20%, 126 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 BS20109S's cutoff vs median yield spread?
- BS20109S cleared at a cutoff of 0.20% versus a median of 0.10% — a 10 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS20109S 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.