1-year T-bill
BY07101A
Auctioned 26 Sept 2007 · Issued 01 Oct 2007 · Matures 29 Sept 2008
Cutoff yield
2.16%
Auction details
- Bid-to-cover:
- 2.16 (S$2.16 in bids for every S$1 of issue size)
- Amount issued:
- S$3.0B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 2.16% cutoff is 29 bp lower than the previous 1-year auction (BY07100V, 2.45% on 26 Apr 2007).
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 BY07101A mature?
- BY07101A matures on 29 Sept 2008. 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 BY07101A?
- BY07101A had a bid-to-cover ratio of 2.16 — investors submitted S$2.16 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY07101A's cutoff yield compare to recent 1-year T-bill auctions?
- BY07101A's 2.16% cutoff is down 29 bp from the previous 1-year auction. Recent cutoffs: 2.45% (BY07100V, 26 Apr 2007), 3.21% (BY06101E, 27 Sept 2006), 3.06% (BY06100A, 26 Apr 2006).
- How does BY07101A's cutoff yield compare to the current SSB?
- BY07101A cleared at 2.16%, 70 bp higher than the latest SSB year-1 rate of 1.46% (GX26060N). The T-bill locks funds for the full 1-year; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.11%.
- Can I buy BY07101A 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.