6-month T-bill
BS23107V
Auctioned 13 Apr 2023 · Issued 18 Apr 2023 · Matures 17 Oct 2023
Cutoff yield
3.75%
Median yield: 3.65%
Auction details
- Bid-to-cover:
- 2.56 (S$2.56 bid per S$1 issued)
- Amount issued:
- S$4.8B
- Tenor:
- 6-month
6-month cutoff yield history
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.