6-month T-bill
BS87103Z
Auctioned 20 Jul 1987 · Issued 23 Jul 1987 · Matures 21 Jan 1988
Cutoff yield
3.08%
Auction details
- Bid-to-cover:
- 2.12 (S$2.12 in bids for every S$1 of issue size)
- Amount issued:
- S$150M
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 3.08% cutoff is 18 bp higher than the previous 6-month auction (BS87102F, 2.90% on 22 Jun 1987).
- Trailing 12 months: Across the previous 3 6-month auctions, cutoffs ranged from 2.83% to 3.20%. This cutoff sits at the median.
- Demand: Bid-to-cover of 2.12× was below the trailing-12-month average of 2.53×.
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 BS87103Z mature?
- BS87103Z matures on 21 Jan 1988. 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 BS87103Z?
- BS87103Z had a bid-to-cover ratio of 2.12 — investors submitted S$2.12 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BS87103Z's cutoff yield compare to recent 6-month T-bill auctions?
- BS87103Z's 3.08% cutoff is up 18 bp from the previous 6-month auction. Recent cutoffs: 2.90% (BS87102F, 22 Jun 1987), 2.83% (BS87101E, 8 Jun 1987), 3.20% (BS87100A, 25 May 1987).
- How does BS87103Z's cutoff yield compare to the current SSB?
- BS87103Z cleared at 3.08%, 162 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%.
- Can I buy BS87103Z 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.