1-year T-bill
BY91101F
Auctioned 27 Aug 1991 · Issued 02 Sept 1991 · Matures 31 Aug 1992
Cutoff yield
4.80%
Auction details
- Bid-to-cover:
- 1.87 (S$1.87 in bids for every S$1 of issue size)
- Amount issued:
- S$300M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 4.80% cutoff is 120 bp higher than the previous 1-year auction (BY91100E, 3.60% on 25 Feb 1991).
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 BY91101F mature?
- BY91101F matures on 31 Aug 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 BY91101F?
- BY91101F had a bid-to-cover ratio of 1.87 — investors submitted S$1.87 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BY91101F's cutoff yield compare to recent 1-year T-bill auctions?
- BY91101F's 4.80% cutoff is up 120 bp from the previous 1-year auction. Recent cutoffs: 3.60% (BY91100E, 25 Feb 1991), 4.45% (BY90100F, 19 Nov 1990), 4.38% (BY89101Z, 16 Oct 1989).
- How does BY91101F's cutoff yield compare to the current SSB?
- BY91101F cleared at 4.80%, 334 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 BY91101F 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.