1-year T-bill
BY25101T
Auctioned 16 Apr 2025 · Issued 22 Apr 2025 · Matures 21 Apr 2026
Cutoff yield
2.29%
Median yield: 2.13%
Auction details
- Bid-to-cover:
- 2.11 (S$2.11 in bids for every S$1 of issue size)
- Amount issued:
- S$5.3B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 2.29% cutoff is 66 bp lower than the previous 1-year auction (BY25100H, 2.95% on 23 Jan 2025).
- Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 2.71% to 3.58%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 2.11× was below the trailing-12-month average of 2.41×.
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 BY25101T mature?
- BY25101T matures on 21 Apr 2026. 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 BY25101T?
- BY25101T had a bid-to-cover ratio of 2.11 — investors submitted S$2.11 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY25101T's cutoff yield compare to recent 1-year T-bill auctions?
- BY25101T's 2.29% cutoff is down 66 bp from the previous 1-year auction. Recent cutoffs: 2.95% (BY25100H, 23 Jan 2025), 2.71% (BY24103N, 17 Oct 2024), 3.38% (BY24102W, 25 Jul 2024).
- How does BY25101T's cutoff yield compare to the current SSB?
- BY25101T cleared at 2.29%, 83 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 BY25101T's cutoff vs median yield spread?
- BY25101T cleared at a cutoff of 2.29% versus a median of 2.13% — a 16 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY25101T 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.