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6-month T-bill

BS20113F

Auctioned 09 Jul 2020 · Issued 14 Jul 2020 · Matures 12 Jan 2021

Cutoff yield

0.26%

Median yield: 0.22%

Auction details

Bid-to-cover:
2.33 (S$2.33 in bids for every S$1 of issue size)
Amount issued:
S$3.8B
Tenor:
6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

  • Yield change: The 0.26% cutoff is 4 bp lower than the previous 6-month auction (BS20112E, 0.30% on 25 Jun 2020).
  • Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.20% to 1.84%. This cutoff sits below the median.
  • Demand: Bid-to-cover of 2.33× was below 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, so the gap between them shows how far the last accepted bid sat above the middle of the pool. The bid-to-cover ratio is the total amount bid divided by the amount issued. Which of the three yields you actually receive is covered in cut-off, median and average yields explained.

Allotment outcome

Non-competitive bids:
filled in full
Competitive bids at the cutoff:
39.9% of the amount applied
Total bids received:
S$8.8B

As published by MAS for this auction. Non-competitive bids are allotted first and pro-rated only if they exceed 40% of the issue size.

Frequently asked questions

When does BS20113F mature?
BS20113F matures on 12 Jan 2021. 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 BS20113F?
BS20113F had a bid-to-cover ratio of 2.33 — investors submitted S$2.33 in bids for every S$1 of issue size.
How does BS20113F's cutoff yield compare to recent 6-month T-bill auctions?
BS20113F's 0.26% cutoff is down 4 bp from the previous 6-month auction. Recent cutoffs: 0.30% (BS20112E, 25 Jun 2020), 0.24% (BS20111A, 11 Jun 2020), 0.23% (BS20110V, 28 May 2020).
How does BS20113F's cutoff yield compare to the current SSB?
BS20113F cleared at 0.26%, 141 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). 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 2.45%.
What was BS20113F's cutoff vs median yield spread?
BS20113F cleared at a cutoff of 0.26% versus a median of 0.22% — a 4 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.
Can I buy BS20113F 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.

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