When does BS22122Z mature?

BS22122Z matures on 16 May 2023. 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 BS22122Z?

BS22122Z had a bid-to-cover ratio of 3.17 — investors submitted S$3.17 in bids for every S$1 of issue size.

How does BS22122Z's cutoff yield compare to recent 6-month T-bill auctions?

BS22122Z's 4.00% cutoff is down 19 bp from the previous 6-month auction. Recent cutoffs: 4.19% (BS22121F, 27 Oct 2022), 3.77% (BS22120E, 13 Oct 2022), 3.32% (BS22119T, 29 Sep 2022).

How does BS22122Z's cutoff yield compare to the current SSB?

BS22122Z cleared at 4.00%, 233 bp higher 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 BS22122Z's cutoff vs median yield spread?

BS22122Z cleared at a cutoff of 4.00% versus a median of 3.50% — a 50 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 BS22122Z 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

BS22122Z

Auctioned 10 Nov 2022 · Issued 15 Nov 2022 · Matures 16 May 2023

Cutoff yield

4.00%

Median yield: 3.50%

Auction details

Bid-to-cover:: 3.17 (S$3.17 in bids for every S$1 of issue size)
Amount issued:: S$4.5B
Tenor:: 6-month

6-month cutoff yield history

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This auction in context

Yield change: The 4.00% cutoff is 19 bp lower than the previous 6-month auction (BS22121F, 4.19% on 27 Oct 2022).
Trailing 12 months: Across the previous 26 6-month auctions, cutoffs ranged from 0.48% to 4.19%. This cutoff sits above the median.
Demand: Bid-to-cover of 3.17× was above the trailing-12-month average of 2.33×.

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 to 49.7% of the amount applied
Competitive bids at the cutoff:: 64.0% of the amount applied
Total bids received:: S$14.2B

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 BS22122Z mature?: BS22122Z matures on 16 May 2023. 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 BS22122Z?: BS22122Z had a bid-to-cover ratio of 3.17 — investors submitted S$3.17 in bids for every S$1 of issue size.
How does BS22122Z's cutoff yield compare to recent 6-month T-bill auctions?: BS22122Z's 4.00% cutoff is down 19 bp from the previous 6-month auction. Recent cutoffs: 4.19% (BS22121F, 27 Oct 2022), 3.77% (BS22120E, 13 Oct 2022), 3.32% (BS22119T, 29 Sep 2022).
How does BS22122Z's cutoff yield compare to the current SSB?: BS22122Z cleared at 4.00%, 233 bp higher 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 BS22122Z's cutoff vs median yield spread?: BS22122Z cleared at a cutoff of 4.00% versus a median of 3.50% — a 50 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 BS22122Z 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.

BS22122Z

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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