When does BS20119W mature?

BS20119W matures on 06 Apr 2021. 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 BS20119W?

BS20119W had a bid-to-cover ratio of 1.88 — investors submitted S$1.88 in bids for every S$1 of issue size.

How does BS20119W's cutoff yield compare to recent 6-month T-bill auctions?

BS20119W's 0.26% cutoff is up 1 bp from the previous 6-month auction. Recent cutoffs: 0.25% (BS20118X, 17 Sep 2020), 0.26% (BS20117T, 03 Sep 2020), 0.27% (BS20116H, 20 Aug 2020).

How does BS20119W's cutoff yield compare to the current SSB?

BS20119W cleared at 0.26%, 141 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 BS20119W's cutoff vs median yield spread?

BS20119W cleared at a cutoff of 0.26% versus a median of 0.22% — a 4 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 BS20119W 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

BS20119W

Auctioned 01 Oct 2020 · Issued 06 Oct 2020 · Matures 06 Apr 2021

Cutoff yield

0.26%

Median yield: 0.22%

Auction details

Bid-to-cover:: 1.88 (S$1.88 in bids for every S$1 of issue size)
Amount issued:: S$3.1B
Tenor:: 6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.26% cutoff is 1 bp higher than the previous 6-month auction (BS20118X, 0.25% on 17 Sep 2020).
Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.20% to 1.81%. This cutoff sits below the median.
Demand: Bid-to-cover of 1.88× was below the trailing-12-month average of 2.44×.

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:: 65.0% of the amount applied
Total bids received:: S$5.8B

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 BS20119W mature?: BS20119W matures on 06 Apr 2021. 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 BS20119W?: BS20119W had a bid-to-cover ratio of 1.88 — investors submitted S$1.88 in bids for every S$1 of issue size.
How does BS20119W's cutoff yield compare to recent 6-month T-bill auctions?: BS20119W's 0.26% cutoff is up 1 bp from the previous 6-month auction. Recent cutoffs: 0.25% (BS20118X, 17 Sep 2020), 0.26% (BS20117T, 03 Sep 2020), 0.27% (BS20116H, 20 Aug 2020).
How does BS20119W's cutoff yield compare to the current SSB?: BS20119W cleared at 0.26%, 141 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 BS20119W's cutoff vs median yield spread?: BS20119W cleared at a cutoff of 0.26% versus a median of 0.22% — a 4 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 BS20119W 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.

BS20119W

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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