1-year T-bill
BY26101H
Auctioned 16 Apr 2026 · Issued 21 Apr 2026 · Matures 20 Apr 2027
Cutoff yield
1.46%
Median yield: 1.38%
Auction details
- Bid-to-cover:
- 2.06 (S$2.06 in bids for every S$1 of issue size)
- Amount issued:
- S$6.0B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 1.46% cutoff is 2 bp higher than the previous 1-year auction (BY26100S, 1.44% on 22 Jan 2026).
- Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 1.35% to 2.29%. This cutoff sits at the median.
- Demand: Bid-to-cover of 2.06× was in line with the trailing-12-month average of 2.10×.
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 BY26101H mature?
- BY26101H matures on 20 Apr 2027. 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 BY26101H?
- BY26101H had a bid-to-cover ratio of 2.06 — investors submitted S$2.06 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY26101H's cutoff yield compare to recent 1-year T-bill auctions?
- BY26101H's 1.46% cutoff is up 2 bp from the previous 1-year auction. Recent cutoffs: 1.44% (BY26100S, 22 Jan 2026), 1.35% (BY25103W, 15 Oct 2025), 1.68% (BY25102X, 24 Jul 2025).
- How does BY26101H's cutoff yield compare to the current SSB?
- BY26101H cleared at 1.46%, matching 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 BY26101H's cutoff vs median yield spread?
- BY26101H cleared at a cutoff of 1.46% versus a median of 1.38% — a 8 bp spread. A wide spread — the cutoff was pulled up by aggressive bids well above the typical submission.
- Can I buy BY26101H 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.