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6-month T-bill

BS22113A

Auctioned 07 Jul 2022 · Issued 12 Jul 2022 · Matures 10 Jan 2023

Cutoff yield

2.66%

Median yield: 2.38%

Auction details

Bid-to-cover:
1.89 (S$1.89 in bids for every S$1 of issue size)
Amount issued:
S$4.5B
Tenor:
6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

  • Yield change: The 2.66% cutoff is 30 bp higher than the previous 6-month auction (BS22112V, 2.36% on 23 Jun 2022).
  • Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.30% to 2.36%. This cutoff sits above that range.
  • Demand: Bid-to-cover of 1.89× was below the trailing-12-month average of 2.22×.

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:
69.1% of the amount applied
Total bids received:
S$8.5B

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 BS22113A mature?
BS22113A matures on 10 Jan 2023. 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 BS22113A?
BS22113A had a bid-to-cover ratio of 1.89 — investors submitted S$1.89 in bids for every S$1 of issue size.
How does BS22113A's cutoff yield compare to recent 6-month T-bill auctions?
BS22113A's 2.66% cutoff is up 30 bp from the previous 6-month auction. Recent cutoffs: 2.36% (BS22112V, 23 Jun 2022), 2.04% (BS22111N, 09 Jun 2022), 1.80% (BS22110W, 26 May 2022).
How does BS22113A's cutoff yield compare to the current SSB?
BS22113A cleared at 2.66%, 99 bp higher 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 BS22113A's cutoff vs median yield spread?
BS22113A cleared at a cutoff of 2.66% versus a median of 2.38% — a 28 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 BS22113A 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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