1-year T-bill
BY97101X
Auctioned 24 Nov 1997 · Issued 27 Nov 1997 · Matures 26 Nov 1998
Cutoff yield
3.55%
Auction details
- Bid-to-cover:
- 1.45 (S$1.45 in bids for every S$1 of issue size)
- Amount issued:
- S$950M
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 3.55% cutoff is 57 bp higher than the previous 1-year auction (BY97100T, 2.98% on 19 May 1997).
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 BY97101X mature?
- BY97101X matures on 26 Nov 1998. 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 BY97101X?
- BY97101X had a bid-to-cover ratio of 1.45 — investors submitted S$1.45 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate softer demand.
- How does BY97101X's cutoff yield compare to recent 1-year T-bill auctions?
- BY97101X's 3.55% cutoff is up 57 bp from the previous 1-year auction. Recent cutoffs: 2.98% (BY97100T, 19 May 1997), 2.50% (BY96101W, 25 Nov 1996), 1.33% (BY96100X, 20 May 1996).
- How does BY97101X's cutoff yield compare to the current SSB?
- BY97101X cleared at 3.55%, 209 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 BY97101X 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.