6-month T-bill
BY88100Z
Auctioned 19 Sept 1988 · Issued 22 Sept 1988 · Matures 23 Mar 1989
Cutoff yield
4.73%
Auction details
- Bid-to-cover:
- 1.20 (S$1.20 in bids for every S$1 of issue size)
- Amount issued:
- S$100M
- Tenor:
- 6-month
6-month cutoff yield history
This auction in context
- Yield change: The 4.73% cutoff is 99 bp higher than the previous 6-month auction (BY87102T, 3.74% on 23 May 1988).
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 BY88100Z mature?
- BY88100Z matures on 23 Mar 1989. 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 BY88100Z?
- BY88100Z had a bid-to-cover ratio of 1.20 — investors submitted S$1.20 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate softer demand.
- How does BY88100Z's cutoff yield compare to recent 6-month T-bill auctions?
- BY88100Z's 4.73% cutoff is up 99 bp from the previous 6-month auction. Recent cutoffs: 3.74% (BY87102T, 23 May 1988), 4.02% (BS87104S, 19 Oct 1987), 3.08% (BS87103Z, 20 Jul 1987).
- How does BY88100Z's cutoff yield compare to the current SSB?
- BY88100Z cleared at 4.73%, 327 bp higher than the latest SSB year-1 rate of 1.46% (GX26060N). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.11%.
- Can I buy BY88100Z 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.