When does BY26100S mature?

BY26100S matures on 26 Jan 2027. 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 BY26100S?

BY26100S had a bid-to-cover ratio of 1.99 — investors submitted S$1.99 in bids for every S$1 of issue size.

How does BY26100S's cutoff yield compare to recent 1-year T-bill auctions?

BY26100S's 1.44% cutoff is up 9 bp from the previous 1-year auction. Recent cutoffs: 1.35% (BY25103W, 15 Oct 2025), 1.68% (BY25102X, 24 Jul 2025), 2.29% (BY25101T, 16 Apr 2025).

How does BY26100S's cutoff yield compare to the current SSB?

BY26100S cleared at 1.44%, 23 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 BY26100S's cutoff vs median yield spread?

BY26100S cleared at a cutoff of 1.44% versus a median of 1.33% — 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 BY26100S 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

BY26100S

Auctioned 22 Jan 2026 · Issued 27 Jan 2026 · Matures 26 Jan 2027

Cutoff yield

1.44%

Median yield: 1.33%

Auction details

Bid-to-cover:: 1.99 (S$1.99 in bids for every S$1 of issue size)
Amount issued:: S$6.1B
Tenor:: 1-year

1-year cutoff yield history

Full interactive chart →

This auction in context

Yield change: The 1.44% cutoff is 9 bp higher than the previous 1-year auction (BY25103W, 1.35% on 15 Oct 2025).
Trailing 12 months: Across the previous 4 1-year auctions, cutoffs ranged from 1.35% to 2.95%. This cutoff sits below the median.
Demand: Bid-to-cover of 1.99× was in line with the trailing-12-month average of 2.07×.

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:: 96.0% of the amount applied
Total bids received:: S$12.1B

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 BY26100S mature?: BY26100S matures on 26 Jan 2027. 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 BY26100S?: BY26100S had a bid-to-cover ratio of 1.99 — investors submitted S$1.99 in bids for every S$1 of issue size.
How does BY26100S's cutoff yield compare to recent 1-year T-bill auctions?: BY26100S's 1.44% cutoff is up 9 bp from the previous 1-year auction. Recent cutoffs: 1.35% (BY25103W, 15 Oct 2025), 1.68% (BY25102X, 24 Jul 2025), 2.29% (BY25101T, 16 Apr 2025).
How does BY26100S's cutoff yield compare to the current SSB?: BY26100S cleared at 1.44%, 23 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 BY26100S's cutoff vs median yield spread?: BY26100S cleared at a cutoff of 1.44% versus a median of 1.33% — 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 BY26100S 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.

BY26100S

This auction in context

How this auction worked

Allotment outcome

Frequently asked questions

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