1-year T-bill
BY88101S
Auctioned 18 Jul 1988 · Issued 21 Jul 1988 · Matures 20 Jul 1989
Cutoff yield
4.22%
Median yield: 0.00%
Auction details
- Bid-to-cover:
- 1.26 (S$1.26 bid per S$1 issued)
- Amount issued:
- S$180M
- 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.