When does BY18103Z mature?

BY18103Z matures on 31 Oct 2019. 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 BY18103Z?

BY18103Z had a bid-to-cover ratio of 2.04 — investors submitted S$2.04 in bids for every S$1 of issue size.

How does BY18103Z's cutoff yield compare to recent 1-year T-bill auctions?

BY18103Z's 1.97% cutoff is up 23 bp from the previous 1-year auction. Recent cutoffs: 1.74% (BY18102F, 26 Jul 2018), 1.76% (BY18101E, 25 Apr 2018), 1.38% (BY18100A, 26 Jan 2018).

How does BY18103Z's cutoff yield compare to the current SSB?

BY18103Z cleared at 1.97%, 30 bp higher 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 BY18103Z's cutoff vs median yield spread?

BY18103Z cleared at a cutoff of 1.97% versus a median of 1.94% — a 3 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 BY18103Z 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

BY18103Z

Auctioned 26 Oct 2018 · Issued 31 Oct 2018 · Matures 31 Oct 2019

Cutoff yield

1.97%

Median yield: 1.94%

Auction details

Bid-to-cover:: 2.04 (S$2.04 in bids for every S$1 of issue size)
Amount issued:: S$2.6B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 1.97% cutoff is 23 bp higher than the previous 1-year auction (BY18102F, 1.74% on 26 Jul 2018).
Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 1.37% to 1.76%. This cutoff sits above that range.
Demand: Bid-to-cover of 2.04× was below the trailing-12-month average of 2.34×.

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:: 96.3% of the amount applied
Total bids received:: S$5.3B

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 BY18103Z mature?: BY18103Z matures on 31 Oct 2019. 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 BY18103Z?: BY18103Z had a bid-to-cover ratio of 2.04 — investors submitted S$2.04 in bids for every S$1 of issue size.
How does BY18103Z's cutoff yield compare to recent 1-year T-bill auctions?: BY18103Z's 1.97% cutoff is up 23 bp from the previous 1-year auction. Recent cutoffs: 1.74% (BY18102F, 26 Jul 2018), 1.76% (BY18101E, 25 Apr 2018), 1.38% (BY18100A, 26 Jan 2018).
How does BY18103Z's cutoff yield compare to the current SSB?: BY18103Z cleared at 1.97%, 30 bp higher 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 BY18103Z's cutoff vs median yield spread?: BY18103Z cleared at a cutoff of 1.97% versus a median of 1.94% — a 3 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 BY18103Z 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.

BY18103Z

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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