6-month T-bill
BS23122F
Auctioned 08 Nov 2023 · Issued 14 Nov 2023 · Matures 14 May 2024
Cutoff yield
3.75%
Median yield: 3.65%
Auction details
- Bid-to-cover:
- 2.31 (S$2.31 in bids for every S$1 of issue size)
- Amount issued:
- S$5.7B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 3.75% cutoff is 20 bp lower than the previous 6-month auction (BS23121E, 3.95% on 26 Oct 2023).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 3.65% to 4.40%. This cutoff sits below the median.
- Demand: Bid-to-cover of 2.31× was in line with the trailing-12-month average of 2.34×.
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 BS23122F mature?
- BS23122F matures on 14 May 2024. 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 BS23122F?
- BS23122F had a bid-to-cover ratio of 2.31 — investors submitted S$2.31 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS23122F's cutoff yield compare to recent 6-month T-bill auctions?
- BS23122F's 3.75% cutoff is down 20 bp from the previous 6-month auction. Recent cutoffs: 3.95% (BS23121E, 26 Oct 2023), 3.87% (BS23120A, 12 Oct 2023), 4.07% (BS23119H, 28 Sept 2023).
- How does BS23122F's cutoff yield compare to the current SSB?
- BS23122F cleared at 3.75%, 229 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 BS23122F's cutoff vs median yield spread?
- BS23122F cleared at a cutoff of 3.75% versus a median of 3.65% — a 10 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS23122F 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.