6-month T-bill
BS22108E
Auctioned 27 Apr 2022 · Issued 04 May 2022 · Matures 01 Nov 2022
Cutoff yield
1.56%
Median yield: 1.47%
Auction details
- Bid-to-cover:
- 2.41 (S$2.41 in bids for every S$1 of issue size)
- Amount issued:
- S$4.3B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 1.56% cutoff is 24 bp higher than the previous 6-month auction (BS22107A, 1.32% on 13 Apr 2022).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.30% to 1.32%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 2.41× was above the trailing-12-month average of 2.18×.
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 BS22108E mature?
- BS22108E matures on 01 Nov 2022. 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 BS22108E?
- BS22108E had a bid-to-cover ratio of 2.41 — investors submitted S$2.41 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS22108E's cutoff yield compare to recent 6-month T-bill auctions?
- BS22108E's 1.56% cutoff is up 24 bp from the previous 6-month auction. Recent cutoffs: 1.32% (BS22107A, 13 Apr 2022), 1.22% (BS22106V, 31 Mar 2022), 0.95% (BS22105N, 17 Mar 2022).
- How does BS22108E's cutoff yield compare to the current SSB?
- BS22108E cleared at 1.56%, 10 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 BS22108E's cutoff vs median yield spread?
- BS22108E cleared at a cutoff of 1.56% versus a median of 1.47% — a 9 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS22108E 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.