When does BY21103E mature?

BY21103E matures on 18 Oct 2022. 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 BY21103E?

BY21103E had a bid-to-cover ratio of 1.62 — investors submitted S$1.62 in bids for every S$1 of issue size.

How does BY21103E's cutoff yield compare to recent 1-year T-bill auctions?

BY21103E's 0.60% cutoff is up 25 bp from the previous 1-year auction. Recent cutoffs: 0.35% (BY21102A, 22 Jul 2021), 0.43% (BY21101V, 15 Apr 2021), 0.38% (BY21100N, 21 Jan 2021).

How does BY21103E's cutoff yield compare to the current SSB?

BY21103E cleared at 0.60%, 107 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 BY21103E's cutoff vs median yield spread?

BY21103E cleared at a cutoff of 0.60% versus a median of 0.38% — a 22 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 BY21103E 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

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 in bids for every S$1 of issue size)
Amount issued:: S$3.6B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 0.60% cutoff is 25 bp higher than the previous 1-year auction (BY21102A, 0.35% on 22 Jul 2021).
Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 0.28% to 0.43%. This cutoff sits above that range.
Demand: Bid-to-cover of 1.62× was below the trailing-12-month average of 2.06×.

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:: 56.1% of the amount applied
Total bids received:: S$5.8B

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 BY21103E mature?: BY21103E matures on 18 Oct 2022. 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 BY21103E?: BY21103E had a bid-to-cover ratio of 1.62 — investors submitted S$1.62 in bids for every S$1 of issue size.
How does BY21103E's cutoff yield compare to recent 1-year T-bill auctions?: BY21103E's 0.60% cutoff is up 25 bp from the previous 1-year auction. Recent cutoffs: 0.35% (BY21102A, 22 Jul 2021), 0.43% (BY21101V, 15 Apr 2021), 0.38% (BY21100N, 21 Jan 2021).
How does BY21103E's cutoff yield compare to the current SSB?: BY21103E cleared at 0.60%, 107 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 BY21103E's cutoff vs median yield spread?: BY21103E cleared at a cutoff of 0.60% versus a median of 0.38% — a 22 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 BY21103E 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.

BY21103E

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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