1-Year T-bill BY24103N (17 Oct 2024) Cut-Off Yield 2.71%

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17 Oct 2024

This issue offers investors a cut-off yield of 2.71% p.a., lower than that (3.38% p.a.) of the previous issue, BY24102W (25 Jul 2024).

The total value of applications in this auction was $14.7B, representing a bid-to-cover ratio of 2.83. This is lower than the $15.0B (bid-to-cover ratio 2.95) received in the previous issue.

Those who submitted non-competitive bids were fully allotted. On the other hand, those who submitted competitive bid at 2.71% get around 15.41% of the amount applied.

Auction Closed

Announcement Date
10 Oct 2024 Notify me
Auction Date
17 Oct 2024 Notify me
Issue Date
22 Oct 2024
Maturity Date
21 Oct 2025
Issue Code
BY24103N
ISIN Code
SGXZ73155558
Cut-Off Yield
2.71% p.a.
Cut-Off Price
97.297
Median Yield
2.60% p.a.
Median Price
97.407
Average Yield
2.47% p.a.
Average Price
97.537
Total Amount Offered
$5,200,000,000
Amount Allotted to Non-Competitive Applications
$826,470,000
Total Amount Applied
$14,697,623,000
% of Competitive Applications at Cut-off Allotted
15.41%
% of Non-Competitive Applications Allotted
100.00%
Bid-to-Cover Ratio
2.83

View Past Auctions

Upcoming Auctions

AnnouncementAuctionIssueMaturityCodeISIN
16 Jan 202523 Jan 202528 Jan 202527 Jan 2026BY25100HSGXZ85890994

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Recent SGS Benchmark Yield

Date29 Nov 202402 Dec 202403 Dec 202404 Dec 202405 Dec 2024
1-Year Yield (%)2.752.752.752.752.75

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 (%)
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
25 Jul 2024BY24102W3.383.59-0.21
17 Oct 2024BY24103N2.713.02-0.31

Cut-Off Yield had been in the range of -0.31 to 0.44 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 (%)
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
25 Jul 2024BY24102W3.383.162.84
17 Oct 2024BY24103N2.712.602.47

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

Auction DateIssue CodeTotal Amount OfferedTotal Amount AppliedBid-to-Cover Ratio
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
25 Jul 2024BY24102W$5,100,000,000$15,033,038,0002.95
17 Oct 2024BY24103N$5,200,000,000$14,697,623,0002.83

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
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%
25 Jul 2024BY24102W$5,100,000,000$1,483,542,00029.09%100.00%
17 Oct 2024BY24103N$5,200,000,000$826,470,00015.89%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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