1-year T-bill
BY95101N
Auctioned 27 Nov 1995 · Issued 30 Nov 1995 · Matures 28 Nov 1996
Cutoff yield
1.53%
Auction details
- Bid-to-cover:
- 1.53 (S$1.53 in bids for every S$1 of issue size)
- Amount issued:
- S$700M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 1.53% cutoff is 57 bp higher than the previous 1-year auction (BY95100W, 0.96% on 19 Jun 1995).
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 BY95101N mature?
- BY95101N matures on 28 Nov 1996. 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 BY95101N?
- BY95101N had a bid-to-cover ratio of 1.53 — investors submitted S$1.53 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate moderate demand.
- How does BY95101N's cutoff yield compare to recent 1-year T-bill auctions?
- BY95101N's 1.53% cutoff is up 57 bp from the previous 1-year auction. Recent cutoffs: 0.96% (BY95100W, 19 Jun 1995), 2.80% (BY94101V, 28 Nov 1994), 2.05% (BY94100N, 28 Mar 1994).
- How does BY95101N's cutoff yield compare to the current SSB?
- BY95101N cleared at 1.53%, 7 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 BY95101N 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.