1-Year T-bill BY24101X (18 Apr 2024) Cut-Off Yield 3.58%

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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
Cut-Off Yield
3.58% p.a.
Cut-Off Price
Median Yield
3.40% p.a.
Median Price
Average Yield
3.28% p.a.
Average Price
Total Amount Offered
Amount Allotted to Non-Competitive Applications
Total Amount Applied
% of Competitive Applications at Cut-off Allotted
% of Non-Competitive Applications Allotted
Bid-to-Cover Ratio

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Recent SGS Benchmark Yield

Date14 May 202415 May 202416 May 202417 May 202420 May 2024
1-Year Yield (%)3.573.573.573.573.57

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 DateIssue CodeCut-Off Yield (%)Previous Day Benchmark Yield (%)Difference (%)
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
18 Apr 2024BY24101X3.583.540.04

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 DateIssue CodeCut-Off Yield (%)Median Yield (%)Average Yield (%)
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
18 Apr 2024BY24101X3.583.403.28

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

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
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
18 Apr 2024BY24101X$5,100,000,000$10,052,473,0001.97

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
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%
18 Apr 2024BY24101X$5,100,000,000$1,232,618,00024.17%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%.

SSB News

The latest SSB (SBJUN24) has a 10-year average return of 3.33% p.a. View Details

The next SSB (SBJUL24) is projected to have a lower 10-year average return. View Projection