1-year T-bill
BY04101Z
Auctioned 26 Nov 2004 · Issued 01 Dec 2004 · Matures 30 Nov 2005
Cutoff yield
1.34%
Median yield: 0.00%
Auction details
- Bid-to-cover:
- 2.09 (S$2.09 bid per S$1 issued)
- Amount issued:
- S$2.8B
- Tenor:
- 1-year
1-year 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.