1-year T-bill
BY22100W
Auctioned 20 Jan 2022 · Issued 25 Jan 2022 · Matures 24 Jan 2023
Cutoff yield
0.75%
Median yield: 0.61%
Auction details
- Bid-to-cover:
- 1.68 (S$1.68 in bids for every S$1 of issue size)
- Amount issued:
- S$3.2B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 0.75% cutoff is 15 bp higher than the previous 1-year auction (BY21103E, 0.60% on 14 Oct 2021).
- Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 0.35% to 0.60%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 1.68× was below the trailing-12-month average of 1.96×.
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 BY22100W mature?
- BY22100W matures on 24 Jan 2023. 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 BY22100W?
- BY22100W had a bid-to-cover ratio of 1.68 — investors submitted S$1.68 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BY22100W's cutoff yield compare to recent 1-year T-bill auctions?
- BY22100W's 0.75% cutoff is up 15 bp from the previous 1-year auction. Recent cutoffs: 0.60% (BY21103E, 14 Oct 2021), 0.35% (BY21102A, 22 Jul 2021), 0.43% (BY21101V, 15 Apr 2021).
- How does BY22100W's cutoff yield compare to the current SSB?
- BY22100W cleared at 0.75%, 71 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 BY22100W's cutoff vs median yield spread?
- BY22100W cleared at a cutoff of 0.75% versus a median of 0.61% — a 14 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY22100W 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.