When does BY14100S mature?

BY14100S matures on 02 May 2015. 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 BY14100S?

BY14100S had a bid-to-cover ratio of 2.09 — investors submitted S$2.09 in bids for every S$1 of issue size.

How does BY14100S's cutoff yield compare to recent 1-year T-bill auctions?

BY14100S's 0.38% cutoff is up 10 bp from the previous 1-year auction. Recent cutoffs: 0.28% (BY13101T, 29 Oct 2013), 0.25% (BY13100H, 26 Apr 2013), 0.29% (BY12101X, 29 Oct 2012).

How does BY14100S's cutoff yield compare to the current SSB?

BY14100S cleared at 0.38%, 129 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). 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 2.45%.

What was BY14100S's cutoff vs median yield spread?

BY14100S cleared at a cutoff of 0.38% versus a median of 0.34% — a 4 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 BY14100S 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.

1-year T-bill

BY14100S

Auctioned 28 Apr 2014 · Issued 02 May 2014 · Matures 02 May 2015

Cutoff yield

0.38%

Median yield: 0.34%

Auction details

Bid-to-cover:: 2.09 (S$2.09 in bids for every S$1 of issue size)
Amount issued:: S$4.0B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.38% cutoff is 10 bp higher than the previous 1-year auction (BY13101T, 0.28% on 29 Oct 2013).

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:: 53.8% of the amount applied
Total bids received:: S$8.3B

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 BY14100S mature?: BY14100S matures on 02 May 2015. 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 BY14100S?: BY14100S had a bid-to-cover ratio of 2.09 — investors submitted S$2.09 in bids for every S$1 of issue size.
How does BY14100S's cutoff yield compare to recent 1-year T-bill auctions?: BY14100S's 0.38% cutoff is up 10 bp from the previous 1-year auction. Recent cutoffs: 0.28% (BY13101T, 29 Oct 2013), 0.25% (BY13100H, 26 Apr 2013), 0.29% (BY12101X, 29 Oct 2012).
How does BY14100S's cutoff yield compare to the current SSB?: BY14100S cleared at 0.38%, 129 bp lower than the latest SSB year-1 rate of 1.67% (GX26110X). 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 2.45%.
What was BY14100S's cutoff vs median yield spread?: BY14100S cleared at a cutoff of 0.38% versus a median of 0.34% — a 4 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 BY14100S 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.

BY14100S

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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