1-year T-bill
BY87100S
Auctioned 29 Jun 1987 · Issued 02 Jul 1987 · Matures 30 Jun 1988
Cutoff yield
3.23%
Median yield: 0.00%
Auction details
- Bid-to-cover:
- 2.85 (S$2.85 bid per S$1 issued)
- Amount issued:
- S$300M
- Tenor:
- 1-year
1-year cutoff yield history
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.