1-Year T-bill BY24100T (25 Jan 2024) Cut-Off Yield 3.45%

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25 Jan 2024

This issue offers investors a cut-off yield of 3.45% p.a., lower than that (3.70% p.a.) of the previous issue, BY23103V (19 Oct 2023).

The total value of applications in this auction was $14.4B, representing a bid-to-cover ratio of 3.19. This is higher than the $11.9B (bid-to-cover ratio 2.65) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.45% get around 17.25% of the amount applied.

Auction Closed

Announcement Date
18 Jan 2024 Notify me
Auction Date
25 Jan 2024 Notify me
Issue Date
30 Jan 2024
Maturity Date
28 Jan 2025
Issue Code
BY24100T
ISIN Code
SGXZ89281026
Cut-Off Yield
3.45% p.a.
Cut-Off Price
96.559
Median Yield
3.40% p.a.
Median Price
96.609
Average Yield
3.13% p.a.
Average Price
96.879
Total Amount Offered
$4,500,000,000
Amount Allotted to Non-Competitive Applications
$1,774,494,000
Total Amount Applied
$14,372,396,000
% of Competitive Applications at Cut-off Allotted
17.25%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
3.19

View Past Auctions

Upcoming Auctions

AnnouncementAuctionIssueMaturityCodeISIN
11 Apr 202418 Apr 202423 Apr 202422 Apr 2025BY24101XSGXZ80447410

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Recent SGS Benchmark Yield

Date19 Feb 202420 Feb 202421 Feb 202422 Feb 202423 Feb 2024
1-Year Yield (%)3.463.463.463.463.46

Source: Daily SGS Prices (MAS)

The 1-Year SGS benchmark yield reflects the bid rate quoted by SGS primary dealers. It provides an indication of the current market rate.

Auction Statistics (Last 10 Auctions in The Last 4 Years)

Cut-Off Yield, Previous Day Benchmark Yield

Auction DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
14 Oct 2021BY21103E0.600.350.25
20 Jan 2022BY22100W0.750.520.23
13 Apr 2022BY22101N2.001.110.89
21 Jul 2022BY22102V3.102.660.44
13 Oct 2022BY22103A3.723.330.39
26 Jan 2023BY23100X3.874.07-0.20
20 Apr 2023BY23101W3.583.71-0.13
27 Jul 2023BY23102N3.743.660.08
19 Oct 2023BY23103V3.703.82-0.12
25 Jan 2024BY24100T3.453.74-0.29

Cut-Off Yield had been in the range of -0.29 to 0.89 of Previous Day Benchmark Yield in the auctions above.

Cut-Off Yield, Median Yield, Average Yield

Auction DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
14 Oct 2021BY21103E0.600.380.36
20 Jan 2022BY22100W0.750.610.54
13 Apr 2022BY22101N2.001.581.49
21 Jul 2022BY22102V3.102.962.82
13 Oct 2022BY22103A3.723.303.28
26 Jan 2023BY23100X3.873.783.53
20 Apr 2023BY23101W3.583.503.27
27 Jul 2023BY23102N3.743.503.09
19 Oct 2023BY23103V3.703.553.32
25 Jan 2024BY24100T3.453.403.13

Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
14 Oct 2021BY21103E$3,600,000,000$5,820,868,0001.62
20 Jan 2022BY22100W$3,200,000,000$5,383,615,0001.68
13 Apr 2022BY22101N$3,800,000,000$5,519,839,0001.45
21 Jul 2022BY22102V$3,700,000,000$8,619,057,0002.33
13 Oct 2022BY22103A$3,700,000,000$8,587,751,0002.32
26 Jan 2023BY23100X$3,600,000,000$10,477,816,0002.91
20 Apr 2023BY23101W$4,300,000,000$12,732,598,0002.96
27 Jul 2023BY23102N$4,400,000,000$9,277,171,0002.11
19 Oct 2023BY23103V$4,500,000,000$11,941,430,0002.65
25 Jan 2024BY24100T$4,500,000,000$14,372,396,0003.19

Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications

Auction DateIssue CodeTotal Amount AllottedAmount Allotted to Non-Competitive Applications% Allotted to Non-Competitive Applications% of Non-Competitive Applications Allotted
14 Oct 2021BY21103E$3,600,000,000$25,709,0000.71%100.00%
20 Jan 2022BY22100W$3,200,000,000$25,801,0000.81%100.00%
13 Apr 2022BY22101N$3,800,000,000$4,197,0000.11%100.00%
21 Jul 2022BY22102V$3,700,000,000$90,796,0002.45%100.00%
13 Oct 2022BY22103A$3,700,000,000$441,425,00011.93%100.00%
26 Jan 2023BY23100X$3,600,000,000$643,873,00017.89%100.00%
20 Apr 2023BY23101W$4,300,000,000$634,194,00014.75%100.00%
27 Jul 2023BY23102N$4,400,000,000$797,243,00018.12%100.00%
19 Oct 2023BY23103V$4,500,000,000$1,391,864,00030.93%100.00%
25 Jan 2024BY24100T$4,500,000,000$1,774,494,00039.43%100.00%

Non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated on a pro-rated basis. This means, when % Allotted to Non-Competitive Applications reaches 40%, % of Non-Competitive Applications Allotted will be less than 100%.

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