When does BY20102E mature?

BY20102E matures on 30 Jul 2021. 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 BY20102E?

BY20102E had a bid-to-cover ratio of 2.24 — investors submitted S$2.24 in bids for every S$1 of issue size.

How does BY20102E's cutoff yield compare to recent 1-year T-bill auctions?

BY20102E's 0.31% cutoff is down 14 bp from the previous 1-year auction. Recent cutoffs: 0.45% (BY20101A, 27 Apr 2020), 1.44% (BY20100V, 28 Jan 2020), 1.64% (BY19103F, 25 Oct 2019).

How does BY20102E's cutoff yield compare to the current SSB?

BY20102E cleared at 0.31%, 136 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 BY20102E's cutoff vs median yield spread?

BY20102E cleared at a cutoff of 0.31% versus a median of 0.27% — 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 BY20102E 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

BY20102E

Auctioned 27 Jul 2020 · Issued 30 Jul 2020 · Matures 30 Jul 2021

Cutoff yield

0.31%

Median yield: 0.27%

Auction details

Bid-to-cover:: 2.24 (S$2.24 in bids for every S$1 of issue size)
Amount issued:: S$2.9B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.31% cutoff is 14 bp lower than the previous 1-year auction (BY20101A, 0.45% on 27 Apr 2020).
Trailing 12 months: Across the previous 3 1-year auctions, cutoffs ranged from 0.45% to 1.64%. This cutoff sits below that range.
Demand: Bid-to-cover of 2.24× was below the trailing-12-month average of 2.86×.

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:: 75.1% of the amount applied
Total bids received:: S$6.5B

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 BY20102E mature?: BY20102E matures on 30 Jul 2021. 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 BY20102E?: BY20102E had a bid-to-cover ratio of 2.24 — investors submitted S$2.24 in bids for every S$1 of issue size.
How does BY20102E's cutoff yield compare to recent 1-year T-bill auctions?: BY20102E's 0.31% cutoff is down 14 bp from the previous 1-year auction. Recent cutoffs: 0.45% (BY20101A, 27 Apr 2020), 1.44% (BY20100V, 28 Jan 2020), 1.64% (BY19103F, 25 Oct 2019).
How does BY20102E's cutoff yield compare to the current SSB?: BY20102E cleared at 0.31%, 136 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 BY20102E's cutoff vs median yield spread?: BY20102E cleared at a cutoff of 0.31% versus a median of 0.27% — 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 BY20102E 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.

BY20102E

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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