1-year T-bill
BY25103W
Auctioned 15 Oct 2025 · Issued 21 Oct 2025 · Matures 20 Oct 2026
Cutoff yield
1.35%
Median yield: 1.20%
Auction details
- Bid-to-cover:
- 2.26 (S$2.26 in bids for every S$1 of issue size)
- Amount issued:
- S$5.8B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 1.35% cutoff is 33 bp lower than the previous 1-year auction (BY25102X, 1.68% on 24 Jul 2025).
- Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 1.68% to 2.95%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 2.26× was in line with the trailing-12-month average of 2.21×.
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 BY25103W mature?
- BY25103W matures on 20 Oct 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 BY25103W?
- BY25103W had a bid-to-cover ratio of 2.26 — investors submitted S$2.26 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY25103W's cutoff yield compare to recent 1-year T-bill auctions?
- BY25103W's 1.35% cutoff is down 33 bp from the previous 1-year auction. Recent cutoffs: 1.68% (BY25102X, 24 Jul 2025), 2.29% (BY25101T, 16 Apr 2025), 2.95% (BY25100H, 23 Jan 2025).
- How does BY25103W's cutoff yield compare to the current SSB?
- BY25103W cleared at 1.35%, 11 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 BY25103W's cutoff vs median yield spread?
- BY25103W cleared at a cutoff of 1.35% versus a median of 1.20% — a 15 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY25103W 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.