1-year T-bill
BY12100T
Auctioned 26 Apr 2012 · Issued 02 May 2012 · Matures 02 May 2013
Cutoff yield
0.24%
Median yield: 0.22%
Auction details
- Bid-to-cover:
- 2.42 (S$2.42 in bids for every S$1 of issue size)
- Amount issued:
- S$4.0B
- Tenor:
- 1-year
1-year cutoff yield history
This auction in context
- Yield change: The 0.24% cutoff is 6 bp lower than the previous 1-year auction (BY11101W, 0.30% on 27 Oct 2011).
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, 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.
Frequently asked questions
- When does BY12100T mature?
- BY12100T matures on 02 May 2013. 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 BY12100T?
- BY12100T had a bid-to-cover ratio of 2.42 — investors submitted S$2.42 in bids for every S$1 of issue size. Ratios above 2.0 typically indicate strong demand.
- How does BY12100T's cutoff yield compare to recent 1-year T-bill auctions?
- BY12100T's 0.24% cutoff is down 6 bp from the previous 1-year auction. Recent cutoffs: 0.30% (BY11101W, 27 Oct 2011), 0.44% (BY11100X, 27 Apr 2011), 0.39% (BY10101N, 27 Oct 2010).
- How does BY12100T's cutoff yield compare to the current SSB?
- BY12100T cleared at 0.24%, 122 bp lower than the latest SSB year-1 rate of 1.46% (GX26070F). The T-bill locks funds for the full 1-year; the SSB year-1 rate applies for one year then steps up annually toward the 10-year average of 2.11%.
- What was BY12100T's cutoff vs median yield spread?
- BY12100T cleared at a cutoff of 0.24% versus a median of 0.22% — a 2 bp spread. A tight spread suggests the cutoff reflects the full bid distribution rather than a few aggressive bids.
- Can I buy BY12100T 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.
Explore more
Other 1-year auctions
- ← BY11101W — 0.30% cutoff
- BY12101X → — 0.29% cutoff
- Latest 1-year: BY26101H — 1.46% cutoff
- All T-bill auctions →
Compare & cross-check
- Latest 6-month T-bill: BS26111H — 1.48% cutoff
- Latest SSB: GX26070F — 1.46% year 1
- T-bill vs SSB, side by side →
- Return calculator →