6-month T-bill
BS24106W
Auctioned 27 Mar 2024 · Issued 02 Apr 2024 · Matures 01 Oct 2024
Cutoff yield
3.80%
Median yield: 3.61%
Auction details
- Bid-to-cover:
- 2.55 (S$2.55 in bids for every S$1 of issue size)
- Amount issued:
- S$6.1B
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 3.80% cutoff is 2 bp higher than the previous 6-month auction (BS24105X, 3.78% on 14 Mar 2024).
- Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 3.54% to 4.07%. This cutoff sits above the median.
- Demand: Bid-to-cover of 2.55× 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 BS24106W mature?
- BS24106W matures on 01 Oct 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 BS24106W?
- BS24106W had a bid-to-cover ratio of 2.55 — investors submitted S$2.55 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS24106W's cutoff yield compare to recent 6-month T-bill auctions?
- BS24106W's 3.80% cutoff is up 2 bp from the previous 6-month auction. Recent cutoffs: 3.78% (BS24105X, 14 Mar 2024), 3.80% (BS24104T, 29 Feb 2024), 3.66% (BS24103H, 15 Feb 2024).
- How does BS24106W's cutoff yield compare to the current SSB?
- BS24106W cleared at 3.80%, 234 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 BS24106W's cutoff vs median yield spread?
- BS24106W cleared at a cutoff of 3.80% versus a median of 3.61% — a 19 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BS24106W 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.