1-year T-bill
BY92101E
Auctioned 06 Jul 1992 · Issued 09 Jul 1992 · Matures 08 Jul 1993
Cutoff yield
2.57%
Auction details
- Bid-to-cover:
- 1.90 (S$1.90 in bids for every S$1 of issue size)
- Amount issued:
- S$500M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 2.57% cutoff is 23 bp lower than the previous 1-year auction (BY92100A, 2.80% on 17 Feb 1992).
- Trailing 12 months: Across the previous 3 1-year auctions, cutoffs ranged from 2.80% to 4.80%. This cutoff sits at the bottom of that range.
- Demand: Bid-to-cover of 1.90× was above the trailing-12-month average of 1.69×.
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 BY92101E mature?
- BY92101E matures on 08 Jul 1993. 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 BY92101E?
- BY92101E had a bid-to-cover ratio of 1.90 — investors submitted S$1.90 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BY92101E's cutoff yield compare to recent 1-year T-bill auctions?
- BY92101E's 2.57% cutoff is down 23 bp from the previous 1-year auction. Recent cutoffs: 2.80% (BY92100A, 17 Feb 1992), 3.42% (BY91102Z, 18 Nov 1991), 4.80% (BY91101F, 27 Aug 1991).
- How does BY92101E's cutoff yield compare to the current SSB?
- BY92101E cleared at 2.57%, 111 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 BY92101E 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.