When does BS13104H mature?

BS13104H matures on 05 Sep 2013. 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 BS13104H?

BS13104H had a bid-to-cover ratio of 1.95 — investors submitted S$1.95 in bids for every S$1 of issue size.

How does BS13104H's cutoff yield compare to recent 6-month T-bill auctions?

BS13104H's 0.28% cutoff is down 1 bp from the previous 6-month auction. Recent cutoffs: 0.29% (BS13103S, 18 Feb 2013), 0.29% (BS13102Z, 04 Feb 2013), 0.26% (BS13101F, 21 Jan 2013).

How does BS13104H's cutoff yield compare to the current SSB?

BS13104H cleared at 0.28%, 139 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.45%.

What was BS13104H's cutoff vs median yield spread?

BS13104H cleared at a cutoff of 0.28% versus a median of 0.25% — a 3 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.

Can I buy BS13104H 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.

6-month T-bill

BS13104H

Auctioned 04 Mar 2013 · Issued 07 Mar 2013 · Matures 05 Sep 2013

Cutoff yield

0.28%

Median yield: 0.25%

Auction details

Bid-to-cover:: 1.95 (S$1.95 in bids for every S$1 of issue size)
Amount issued:: S$2.0B
Tenor:: 6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.28% cutoff is 1 bp lower than the previous 6-month auction (BS13103S, 0.29% on 18 Feb 2013).
Trailing 12 months: Across the previous 17 6-month auctions, cutoffs ranged from 0.19% to 0.37%. This cutoff sits at the median.
Demand: Bid-to-cover of 1.95× was in line with the trailing-12-month average of 1.89×.

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, so the gap between them shows how far the last accepted bid sat above the middle of the pool. The bid-to-cover ratio is the total amount bid divided by the amount issued.

Allotment outcome

Non-competitive bids:: filled in full
Competitive bids at the cutoff:: 83.1% of the amount applied
Total bids received:: S$3.9B

As published by MAS for this auction. Non-competitive bids are allotted first and pro-rated only if they exceed 40% of the issue size.

Frequently asked questions

When does BS13104H mature?: BS13104H matures on 05 Sep 2013. 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 BS13104H?: BS13104H had a bid-to-cover ratio of 1.95 — investors submitted S$1.95 in bids for every S$1 of issue size.
How does BS13104H's cutoff yield compare to recent 6-month T-bill auctions?: BS13104H's 0.28% cutoff is down 1 bp from the previous 6-month auction. Recent cutoffs: 0.29% (BS13103S, 18 Feb 2013), 0.29% (BS13102Z, 04 Feb 2013), 0.26% (BS13101F, 21 Jan 2013).
How does BS13104H's cutoff yield compare to the current SSB?: BS13104H cleared at 0.28%, 139 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). The T-bill locks funds for the full 6-month; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.45%.
What was BS13104H's cutoff vs median yield spread?: BS13104H cleared at a cutoff of 0.28% versus a median of 0.25% — a 3 bp spread. The cutoff is the highest yield accepted to fill the issue; the median is the middle of all submitted bids.
Can I buy BS13104H 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.

BS13104H

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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