1-year T-bill
BY96101W
Auctioned 25 Nov 1996 · Issued 28 Nov 1996 · Matures 27 Nov 1997
Cutoff yield
2.50%
Auction details
- Bid-to-cover:
- 1.32 (S$1.32 in bids for every S$1 of issue size)
- Amount issued:
- S$600M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 2.50% cutoff is 117 bp higher than the previous 1-year auction (BY96100X, 1.33% on 20 May 1996).
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 BY96101W mature?
- BY96101W matures on 27 Nov 1997. 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 BY96101W?
- BY96101W had a bid-to-cover ratio of 1.32 — investors submitted S$1.32 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate softer demand.
- How does BY96101W's cutoff yield compare to recent 1-year T-bill auctions?
- BY96101W's 2.50% cutoff is up 117 bp from the previous 1-year auction. Recent cutoffs: 1.33% (BY96100X, 20 May 1996), 1.53% (BY95101N, 27 Nov 1995), 0.96% (BY95100W, 19 Jun 1995).
- How does BY96101W's cutoff yield compare to the current SSB?
- BY96101W cleared at 2.50%, 104 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 BY96101W 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.