1-year T-bill
BY88101S
Auctioned 18 Jul 1988 · Issued 21 Jul 1988 · Matures 20 Jul 1989
Cutoff yield
4.22%
Auction details
- Bid-to-cover:
- 1.26 (S$1.26 in bids for every S$1 of issue size)
- Amount issued:
- S$180M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 4.22% cutoff is 108 bp higher than the previous 1-year auction (BY88100Z, 3.14% on 21 Mar 1988).
- Trailing 12 months: Across the previous 3 1-year auctions, cutoffs ranged from 3.14% to 3.88%. This cutoff sits at the top of that range.
- Demand: Bid-to-cover of 1.26× was below the trailing-12-month average of 1.66×.
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 BY88101S mature?
- BY88101S matures on 20 Jul 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 BY88101S?
- BY88101S had a bid-to-cover ratio of 1.26 — investors submitted S$1.26 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate softer demand.
- How does BY88101S's cutoff yield compare to recent 1-year T-bill auctions?
- BY88101S's 4.22% cutoff is up 108 bp from the previous 1-year auction. Recent cutoffs: 3.14% (BY88100Z, 21 Mar 1988), 3.88% (BY87102T, 23 Nov 1987), 3.80% (BY87101H, 21 Sept 1987).
- How does BY88101S's cutoff yield compare to the current SSB?
- BY88101S cleared at 4.22%, 276 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%.
- Can I buy BY88101S 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.