1-year T-bill
BY21103E
Auctioned 14 Oct 2021 · Issued 19 Oct 2021 · Matures 18 Oct 2022
Cutoff yield
0.60%
Median yield: 0.38%
Auction details
- Bid-to-cover:
- 1.62 (S$1.62 bid per S$1 issued)
- Amount issued:
- S$3.6B
- 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.