1-Year T-bill BY24101X (18 Apr 2024) Cut-Off Yield 3.58%
18 Apr 2024
This issue offers investors a cut-off yield of 3.58% p.a., higher than that (3.45% p.a.) of the previous issue, BY24100T (25 Jan 2024).
The total value of applications in this auction was $10.1B, representing a bid-to-cover ratio of 1.97. This is lower than the $14.4B (bid-to-cover ratio 3.19) received in the previous issue.
Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 3.58% get around 27.86% of the amount applied.
Auction Closed
- Announcement Date
- 11 Apr 2024 Notify me
- Auction Date
- 18 Apr 2024 Notify me
- Issue Date
- 23 Apr 2024
- Maturity Date
- 22 Apr 2025
- Issue Code
- BY24101X
- ISIN Code
- SGXZ80447410
- Cut-Off Yield
- 3.58% p.a.
- Cut-Off Price
- 96.430
- Median Yield
- 3.40% p.a.
- Median Price
- 96.609
- Average Yield
- 3.28% p.a.
- Average Price
- 96.729
- Total Amount Offered
- $5,100,000,000
- Amount Allotted to Non-Competitive Applications
- $1,232,618,000
- Total Amount Applied
- $10,052,473,000
- % of Competitive Applications at Cut-off Allotted
- 27.86%
- % of Non-Competitive Applications Allotted
- 100.00%
- Bid-to-Cover Ratio
- 1.97
Upcoming Auctions
| Announcement | Auction | Issue | Maturity | Code | ISIN |
|---|---|---|---|---|---|
| 18 Jul 2024 | 25 Jul 2024 | 30 Jul 2024 | 29 Jul 2025 | BY24102W | SGXZ31182504 |
Recent SGS Benchmark Yield
| Date | 23 Apr 2024 | 24 Apr 2024 | 25 Apr 2024 | 26 Apr 2024 | 29 Apr 2024 |
|---|---|---|---|---|---|
| 1-Year Yield (%) | 3.57 | 3.57 | 3.57 | 3.57 | 3.57 |
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 Date | Issue Code | Cut-Off Yield (%) | Previous Day Benchmark Yield (%) | Difference (%) |
|---|---|---|---|---|
| 20 Jan 2022 | BY22100W | 0.75 | 0.52 | 0.23 |
| 13 Apr 2022 | BY22101N | 2.00 | 1.11 | 0.89 |
| 21 Jul 2022 | BY22102V | 3.10 | 2.66 | 0.44 |
| 13 Oct 2022 | BY22103A | 3.72 | 3.33 | 0.39 |
| 26 Jan 2023 | BY23100X | 3.87 | 4.07 | -0.20 |
| 20 Apr 2023 | BY23101W | 3.58 | 3.71 | -0.13 |
| 27 Jul 2023 | BY23102N | 3.74 | 3.66 | 0.08 |
| 19 Oct 2023 | BY23103V | 3.70 | 3.82 | -0.12 |
| 25 Jan 2024 | BY24100T | 3.45 | 3.74 | -0.29 |
| 18 Apr 2024 | BY24101X | 3.58 | 3.54 | 0.04 |
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 Date | Issue Code | Cut-Off Yield (%) | Median Yield (%) | Average Yield (%) |
|---|---|---|---|---|
| 20 Jan 2022 | BY22100W | 0.75 | 0.61 | 0.54 |
| 13 Apr 2022 | BY22101N | 2.00 | 1.58 | 1.49 |
| 21 Jul 2022 | BY22102V | 3.10 | 2.96 | 2.82 |
| 13 Oct 2022 | BY22103A | 3.72 | 3.30 | 3.28 |
| 26 Jan 2023 | BY23100X | 3.87 | 3.78 | 3.53 |
| 20 Apr 2023 | BY23101W | 3.58 | 3.50 | 3.27 |
| 27 Jul 2023 | BY23102N | 3.74 | 3.50 | 3.09 |
| 19 Oct 2023 | BY23103V | 3.70 | 3.55 | 3.32 |
| 25 Jan 2024 | BY24100T | 3.45 | 3.40 | 3.13 |
| 18 Apr 2024 | BY24101X | 3.58 | 3.40 | 3.28 |
Total Amount Offered, Total Amount Applied, Bid-to-Cover Ratio
| Auction Date | Issue Code | Total Amount Offered | Total Amount Applied | Bid-to-Cover Ratio |
|---|---|---|---|---|
| 20 Jan 2022 | BY22100W | $3,200,000,000 | $5,383,615,000 | 1.68 |
| 13 Apr 2022 | BY22101N | $3,800,000,000 | $5,519,839,000 | 1.45 |
| 21 Jul 2022 | BY22102V | $3,700,000,000 | $8,619,057,000 | 2.33 |
| 13 Oct 2022 | BY22103A | $3,700,000,000 | $8,587,751,000 | 2.32 |
| 26 Jan 2023 | BY23100X | $3,600,000,000 | $10,477,816,000 | 2.91 |
| 20 Apr 2023 | BY23101W | $4,300,000,000 | $12,732,598,000 | 2.96 |
| 27 Jul 2023 | BY23102N | $4,400,000,000 | $9,277,171,000 | 2.11 |
| 19 Oct 2023 | BY23103V | $4,500,000,000 | $11,941,430,000 | 2.65 |
| 25 Jan 2024 | BY24100T | $4,500,000,000 | $14,372,396,000 | 3.19 |
| 18 Apr 2024 | BY24101X | $5,100,000,000 | $10,052,473,000 | 1.97 |
Total Amount Allotted, Amount (%) Allotted to Non-Competitive Applications
| Auction Date | Issue Code | Total Amount Allotted | Amount Allotted to Non-Competitive Applications | % Allotted to Non-Competitive Applications | % of Non-Competitive Applications Allotted |
|---|---|---|---|---|---|
| 20 Jan 2022 | BY22100W | $3,200,000,000 | $25,801,000 | 0.81% | 100.00% |
| 13 Apr 2022 | BY22101N | $3,800,000,000 | $4,197,000 | 0.11% | 100.00% |
| 21 Jul 2022 | BY22102V | $3,700,000,000 | $90,796,000 | 2.45% | 100.00% |
| 13 Oct 2022 | BY22103A | $3,700,000,000 | $441,425,000 | 11.93% | 100.00% |
| 26 Jan 2023 | BY23100X | $3,600,000,000 | $643,873,000 | 17.89% | 100.00% |
| 20 Apr 2023 | BY23101W | $4,300,000,000 | $634,194,000 | 14.75% | 100.00% |
| 27 Jul 2023 | BY23102N | $4,400,000,000 | $797,243,000 | 18.12% | 100.00% |
| 19 Oct 2023 | BY23103V | $4,500,000,000 | $1,391,864,000 | 30.93% | 100.00% |
| 25 Jan 2024 | BY24100T | $4,500,000,000 | $1,774,494,000 | 39.43% | 100.00% |
| 18 Apr 2024 | BY24101X | $5,100,000,000 | $1,232,618,000 | 24.17% | 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%.
The latest SSB (SBMAY24) has a 10-year average return of 3.06% p.a. View Details
The next SSB (SBJUN24) is projected to have a higher 10-year average return. View Projection