When does BY22101N mature?

BY22101N matures on 18 Apr 2023. 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 BY22101N?

BY22101N had a bid-to-cover ratio of 1.45 — investors submitted S$1.45 in bids for every S$1 of issue size.

How does BY22101N's cutoff yield compare to recent 1-year T-bill auctions?

BY22101N's 2.00% cutoff is up 125 bp from the previous 1-year auction. Recent cutoffs: 0.75% (BY22100W, 20 Jan 2022), 0.60% (BY21103E, 14 Oct 2021), 0.35% (BY21102A, 22 Jul 2021).

How does BY22101N's cutoff yield compare to the current SSB?

BY22101N cleared at 2.00%, 33 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 BY22101N's cutoff vs median yield spread?

BY22101N cleared at a cutoff of 2.00% versus a median of 1.58% — a 42 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 BY22101N 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

BY22101N

Auctioned 13 Apr 2022 · Issued 19 Apr 2022 · Matures 18 Apr 2023

Cutoff yield

2.00%

Median yield: 1.58%

Auction details

Bid-to-cover:: 1.45 (S$1.45 in bids for every S$1 of issue size)
Amount issued:: S$3.8B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 2.00% cutoff is 125 bp higher than the previous 1-year auction (BY22100W, 0.75% on 20 Jan 2022).
Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 0.35% to 0.75%. This cutoff sits above that range.
Demand: Bid-to-cover of 1.45× was below the trailing-12-month average of 1.88×.

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:: 47.4% of the amount applied
Total bids received:: S$5.5B

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 BY22101N mature?: BY22101N matures on 18 Apr 2023. 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 BY22101N?: BY22101N had a bid-to-cover ratio of 1.45 — investors submitted S$1.45 in bids for every S$1 of issue size.
How does BY22101N's cutoff yield compare to recent 1-year T-bill auctions?: BY22101N's 2.00% cutoff is up 125 bp from the previous 1-year auction. Recent cutoffs: 0.75% (BY22100W, 20 Jan 2022), 0.60% (BY21103E, 14 Oct 2021), 0.35% (BY21102A, 22 Jul 2021).
How does BY22101N's cutoff yield compare to the current SSB?: BY22101N cleared at 2.00%, 33 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 BY22101N's cutoff vs median yield spread?: BY22101N cleared at a cutoff of 2.00% versus a median of 1.58% — a 42 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 BY22101N 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.

BY22101N

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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