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6-month T-bill

BS23104X

Auctioned 02 Mar 2023 · Issued 07 Mar 2023 · Matures 05 Sep 2023

Cutoff yield

3.98%

Median yield: 3.88%

Auction details

Bid-to-cover:
2.77 (S$2.77 in bids for every S$1 of issue size)
Amount issued:
S$4.7B
Tenor:
6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

  • Yield change: The 3.98% cutoff is 5 bp higher than the previous 6-month auction (BS23103T, 3.93% on 16 Feb 2023).
  • Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.78% to 4.40%. This cutoff sits above the median.
  • Demand: Bid-to-cover of 2.77× was above the trailing-12-month average of 2.40×.

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:
0.1% of the amount applied
Total bids received:
S$13.0B

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 BS23104X mature?
BS23104X matures on 05 Sep 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 BS23104X?
BS23104X had a bid-to-cover ratio of 2.77 — investors submitted S$2.77 in bids for every S$1 of issue size.
How does BS23104X's cutoff yield compare to recent 6-month T-bill auctions?
BS23104X's 3.98% cutoff is up 5 bp from the previous 6-month auction. Recent cutoffs: 3.93% (BS23103T, 16 Feb 2023), 3.88% (BS23102H, 02 Feb 2023), 4.00% (BS23101S, 18 Jan 2023).
How does BS23104X's cutoff yield compare to the current SSB?
BS23104X cleared at 3.98%, 231 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 BS23104X's cutoff vs median yield spread?
BS23104X cleared at a cutoff of 3.98% versus a median of 3.88% — a 10 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 BS23104X 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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