1-year T-bill
BY91100E
Auctioned 25 Feb 1991 · Issued 28 Feb 1991 · Matures 27 Feb 1992
Cutoff yield
3.60%
Auction details
- Bid-to-cover:
- 2.34 (S$2.34 in bids for every S$1 of issue size)
- Amount issued:
- S$200M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 3.60% cutoff is 85 bp lower than the previous 1-year auction (BY90100F, 4.45% on 19 Nov 1990).
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 BY91100E mature?
- BY91100E matures on 27 Feb 1992. 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 BY91100E?
- BY91100E had a bid-to-cover ratio of 2.34 — investors submitted S$2.34 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY91100E's cutoff yield compare to recent 1-year T-bill auctions?
- BY91100E's 3.60% cutoff is down 85 bp from the previous 1-year auction. Recent cutoffs: 4.45% (BY90100F, 19 Nov 1990), 4.38% (BY89101Z, 16 Oct 1989), 4.50% (BY89100F, 22 May 1989).
- How does BY91100E's cutoff yield compare to the current SSB?
- BY91100E cleared at 3.60%, 214 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 BY91100E 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.