1-year T-bill
BY23100X
Auctioned 26 Jan 2023 · Issued 31 Jan 2023 · Matures 30 Jan 2024
Cutoff yield
3.87%
Median yield: 3.78%
Auction details
- Bid-to-cover:
- 2.91 (S$2.91 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 3.87% cutoff is 15 bp higher than the previous 1-year auction (BY22103A, 3.72% on 13 Oct 2022).
- Trailing 12 months: Across the previous 3 1-year auctions, cutoffs ranged from 2.00% to 3.72%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 2.91× was above the trailing-12-month average of 2.03×.
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 BY23100X mature?
- BY23100X matures on 30 Jan 2024. 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 BY23100X?
- BY23100X had a bid-to-cover ratio of 2.91 — investors submitted S$2.91 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY23100X's cutoff yield compare to recent 1-year T-bill auctions?
- BY23100X's 3.87% cutoff is up 15 bp from the previous 1-year auction. Recent cutoffs: 3.72% (BY22103A, 13 Oct 2022), 3.10% (BY22102V, 21 Jul 2022), 2.00% (BY22101N, 13 Apr 2022).
- How does BY23100X's cutoff yield compare to the current SSB?
- BY23100X cleared at 3.87%, 241 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 BY23100X's cutoff vs median yield spread?
- BY23100X cleared at a cutoff of 3.87% versus a median of 3.78% — a 9 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY23100X 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.