1-year T-bill
BY19102E
Auctioned 26 Jul 2019 · Issued 31 Jul 2019 · Matures 31 Jul 2020
Cutoff yield
1.78%
Median yield: 1.76%
Auction details
- Bid-to-cover:
- 2.97 (S$2.97 in bids for every S$1 of issue size)
- Amount issued:
- S$2.7B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 1.78% cutoff is 19 bp lower than the previous 1-year auction (BY19101A, 1.97% on 25 Apr 2019).
- Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 1.74% to 2.06%. This cutoff sits below the median.
- Demand: Bid-to-cover of 2.97× was above the trailing-12-month average of 2.36×.
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 BY19102E mature?
- BY19102E matures on 31 Jul 2020. 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 BY19102E?
- BY19102E had a bid-to-cover ratio of 2.97 — investors submitted S$2.97 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY19102E's cutoff yield compare to recent 1-year T-bill auctions?
- BY19102E's 1.78% cutoff is down 19 bp from the previous 1-year auction. Recent cutoffs: 1.97% (BY19101A, 25 Apr 2019), 2.06% (BY19100V, 28 Jan 2019), 1.97% (BY18103Z, 26 Oct 2018).
- How does BY19102E's cutoff yield compare to the current SSB?
- BY19102E cleared at 1.78%, 32 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%.
- What was BY19102E's cutoff vs median yield spread?
- BY19102E cleared at a cutoff of 1.78% versus a median of 1.76% — a 2 bp spread. A tight spread suggests the cutoff reflects the full bid distribution rather than a few aggressive bids.
- Can I buy BY19102E 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.