When does BS21115Z mature?

BS21115Z matures on 08 Feb 2022. 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 BS21115Z?

BS21115Z had a bid-to-cover ratio of 2.05 — investors submitted S$2.05 in bids for every S$1 of issue size.

How does BS21115Z's cutoff yield compare to recent 6-month T-bill auctions?

BS21115Z's 0.32% cutoff is unchanged from the previous 6-month auction. Recent cutoffs: 0.32% (BS21114F, 22 Jul 2021), 0.32% (BS21113E, 08 Jul 2021), 0.33% (BS21112A, 24 Jun 2021).

How does BS21115Z's cutoff yield compare to the current SSB?

BS21115Z cleared at 0.32%, 135 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 BS21115Z's cutoff vs median yield spread?

BS21115Z cleared at a cutoff of 0.32% versus a median of 0.27% — a 5 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 BS21115Z 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

BS21115Z

Auctioned 04 Aug 2021 · Issued 10 Aug 2021 · Matures 08 Feb 2022

Cutoff yield

0.32%

Median yield: 0.27%

Auction details

Bid-to-cover:: 2.05 (S$2.05 in bids for every S$1 of issue size)
Amount issued:: S$4.0B
Tenor:: 6-month

6-month cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.32% cutoff is unchanged from the previous 6-month auction (BS21114F, 0.32% on 22 Jul 2021).
Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.24% to 0.45%. This cutoff sits at the median.
Demand: Bid-to-cover of 2.05× was below the trailing-12-month average of 2.24×.

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:: 32.8% of the amount applied
Total bids received:: S$8.2B

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 BS21115Z mature?: BS21115Z matures on 08 Feb 2022. 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 BS21115Z?: BS21115Z had a bid-to-cover ratio of 2.05 — investors submitted S$2.05 in bids for every S$1 of issue size.
How does BS21115Z's cutoff yield compare to recent 6-month T-bill auctions?: BS21115Z's 0.32% cutoff is unchanged from the previous 6-month auction. Recent cutoffs: 0.32% (BS21114F, 22 Jul 2021), 0.32% (BS21113E, 08 Jul 2021), 0.33% (BS21112A, 24 Jun 2021).
How does BS21115Z's cutoff yield compare to the current SSB?: BS21115Z cleared at 0.32%, 135 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 BS21115Z's cutoff vs median yield spread?: BS21115Z cleared at a cutoff of 0.32% versus a median of 0.27% — a 5 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 BS21115Z 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.

BS21115Z

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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