1-year T-bill
BY12101X
Auctioned 29 Oct 2012 · Issued 01 Nov 2012 · Matures 01 Nov 2013
Cutoff yield
0.29%
Median yield: 0.27%
Auction details
- Bid-to-cover:
- 2.13 (S$2.13 in bids for every S$1 of issue size)
- Amount issued:
- S$4.0B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 0.29% cutoff is 5 bp higher than the previous 1-year auction (BY12100T, 0.24% on 26 Apr 2012).
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 BY12101X mature?
- BY12101X matures on 01 Nov 2013. 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 BY12101X?
- BY12101X had a bid-to-cover ratio of 2.13 — investors submitted S$2.13 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY12101X's cutoff yield compare to recent 1-year T-bill auctions?
- BY12101X's 0.29% cutoff is up 5 bp from the previous 1-year auction. Recent cutoffs: 0.24% (BY12100T, 26 Apr 2012), 0.30% (BY11101W, 27 Oct 2011), 0.44% (BY11100X, 27 Apr 2011).
- How does BY12101X's cutoff yield compare to the current SSB?
- BY12101X cleared at 0.29%, 117 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 BY12101X's cutoff vs median yield spread?
- BY12101X cleared at a cutoff of 0.29% versus a median of 0.27% — a 2 bp spread. A tight spread suggests the cutoff reflects the full bid distribution rather than a few aggressive bids.
- Can I buy BY12101X 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.