1-year T-bill
BY14101H
Auctioned 29 Oct 2014 · Issued 03 Nov 2014 · Matures 01 Nov 2015
Cutoff yield
0.39%
Median yield: 0.35%
Auction details
- Bid-to-cover:
- 2.12 (S$2.12 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 0.39% cutoff is 1 bp higher than the previous 1-year auction (BY14100S, 0.38% on 28 Apr 2014).
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 BY14101H mature?
- BY14101H matures on 01 Nov 2015. 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 BY14101H?
- BY14101H 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 BY14101H's cutoff yield compare to recent 1-year T-bill auctions?
- BY14101H's 0.39% cutoff is up 1 bp from the previous 1-year auction. Recent cutoffs: 0.38% (BY14100S, 28 Apr 2014), 0.28% (BY13101T, 29 Oct 2013), 0.25% (BY13100H, 26 Apr 2013).
- How does BY14101H's cutoff yield compare to the current SSB?
- BY14101H cleared at 0.39%, 107 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 BY14101H's cutoff vs median yield spread?
- BY14101H cleared at a cutoff of 0.39% versus a median of 0.35% — a 4 bp spread. A moderate spread — the cutoff was pulled up somewhat by higher bids.
- Can I buy BY14101H 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.