When does BY24103N mature?

BY24103N matures on 21 Oct 2025. 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 BY24103N?

BY24103N had a bid-to-cover ratio of 2.83 — investors submitted S$2.83 in bids for every S$1 of issue size.

How does BY24103N's cutoff yield compare to recent 1-year T-bill auctions?

BY24103N's 2.71% cutoff is down 67 bp from the previous 1-year auction. Recent cutoffs: 3.38% (BY24102W, 25 Jul 2024), 3.58% (BY24101X, 18 Apr 2024), 3.45% (BY24100T, 25 Jan 2024).

How does BY24103N's cutoff yield compare to the current SSB?

BY24103N cleared at 2.71%, 104 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 BY24103N's cutoff vs median yield spread?

BY24103N cleared at a cutoff of 2.71% versus a median of 2.60% — a 11 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 BY24103N 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

BY24103N

Auctioned 17 Oct 2024 · Issued 22 Oct 2024 · Matures 21 Oct 2025

Cutoff yield

2.71%

Median yield: 2.60%

Auction details

Bid-to-cover:: 2.83 (S$2.83 in bids for every S$1 of issue size)
Amount issued:: S$5.2B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 2.71% cutoff is 67 bp lower than the previous 1-year auction (BY24102W, 3.38% on 25 Jul 2024).
Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 3.38% to 3.70%. This cutoff sits below that range.
Demand: Bid-to-cover of 2.83× was in line with the trailing-12-month average of 2.69×.

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:: 15.4% of the amount applied
Total bids received:: S$14.7B

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 BY24103N mature?: BY24103N matures on 21 Oct 2025. 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 BY24103N?: BY24103N had a bid-to-cover ratio of 2.83 — investors submitted S$2.83 in bids for every S$1 of issue size.
How does BY24103N's cutoff yield compare to recent 1-year T-bill auctions?: BY24103N's 2.71% cutoff is down 67 bp from the previous 1-year auction. Recent cutoffs: 3.38% (BY24102W, 25 Jul 2024), 3.58% (BY24101X, 18 Apr 2024), 3.45% (BY24100T, 25 Jan 2024).
How does BY24103N's cutoff yield compare to the current SSB?: BY24103N cleared at 2.71%, 104 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 BY24103N's cutoff vs median yield spread?: BY24103N cleared at a cutoff of 2.71% versus a median of 2.60% — a 11 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 BY24103N 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.

BY24103N

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

Explore more

Other 1-year auctions

Compare & cross-check

Learn