1-year T-bill
BY11100X
Auctioned 27 Apr 2011 · Issued 03 May 2011 · Matures 02 May 2012
Cutoff yield
0.44%
Median yield: 0.36%
Auction details
- Bid-to-cover:
- 1.77 (S$1.77 in bids for every S$1 of issue size)
- Amount issued:
- S$3.6B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 0.44% cutoff is 5 bp higher than the previous 1-year auction (BY10101N, 0.39% on 27 Oct 2010).
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 BY11100X mature?
- BY11100X matures on 02 May 2012. 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 BY11100X?
- BY11100X had a bid-to-cover ratio of 1.77 — investors submitted S$1.77 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BY11100X's cutoff yield compare to recent 1-year T-bill auctions?
- BY11100X's 0.44% cutoff is up 5 bp from the previous 1-year auction. Recent cutoffs: 0.39% (BY10101N, 27 Oct 2010), 0.50% (BY10100W, 28 Apr 2010), 0.60% (BY09101N, 28 Oct 2009).
- How does BY11100X's cutoff yield compare to the current SSB?
- BY11100X cleared at 0.44%, 102 bp lower 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%.
- What was BY11100X's cutoff vs median yield spread?
- BY11100X cleared at a cutoff of 0.44% versus a median of 0.36% — a 8 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY11100X 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.